Global Crossing

(redirected from Global Crossing Limited)

Global Crossing

A telecommunications company that filed for bankruptcy during the Enron scandal of the early 2000s. It had previously inflated its profits by recording as revenue its conduit swaps, a transaction in which telecommunications companies exchange carriers with each other without trading money. In 2005, it was found to have violated several accounting laws and was forced to settle with the SEC. See also: Sarbanes-Oxley Act.
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References in periodicals archive ?
Provider of IP-based communications services Level 3 Communications Inc (Nasdaq:LVLT) announced on Tuesday that it has completed its acquisition of Global Crossing Limited.
Level 3 Communications Inc (NASDAQ:LVLT), a provider of IP-based communications services, has completed its acquisition of IP solutions provider Global Crossing Limited, the company said today.
ST Telemedia and Global Crossing were advised by Credit Suisse Securities (USA) LLC, Goldman Sachs (NYSE:GS) and Latham & Watkins.Country: USA, Sector: Telecommunications, IT/Online ServicesTarget: Global Crossing Limited Buyer: Level 3 Communications IncVendor: ST TelemediaDeal size in USD: 1.9bnType: Corporate acquisitionFinancing: All-stockStatus: AgreedBuyer advisor: Morgan Stanley & Co Inc, Willkie Farr & Gallagher LLP, BofA Merrill Lynch, Citigroup Inc
(NASDAQ: LVLT), an international provider of fibre-based communications services, has signed a definitive agreement with Global Crossing Limited (NASDAQ: GLBC), a global IP, Ethernet, data centre and video solutions provider.
Global Crossing Limited (NASDAQ: GLBC) shares were up 55 percent, $8.13, to $22.93 after it agreed to be acquired by Level 3 Communications, Inc.
Seligman notes that an earlier draft of what would become the Sarbanes-Oxley Act had very few supporters before the parade of scandals involving Enron Corp., Global Crossing Limited, WorldCom Inc., etc.
to acquire joint control of Bermuda-based telecoms company Global Crossing Limited.
Provider of fibre-based communications services Level 3 Communications Inc (Nasdaq:LVLT) and Global Crossing Limited (Nasdaq:GLBC), a provider of an IP, Ethernet, data centre and video solutions, on Thursday announced that the US Department of Justice has cleared Level 3's previously announced acquisition of Global Crossing.
(NASDAQ: LVLT) said it agreed to acquire Global Crossing Limited (NASDAQ: GLBC) for about $1.9 billion stock deal to boost its service portfolio.
IP solutions provider Global Crossing Limited (Nasdaq:GLBC) announced on Monday that its subsidiary Global Crossing (UK) Telecommunications Limited (GCUK) has received Public Service Network (PSN) certification from the UK cabinet office.
Provider of fibre-based communications services Level 3 Communications Inc (Nasdaq:LVLT) and Global Crossing Limited (Nasdaq:GLBC) announced yesterday that, at separate special meetings, stockholders of both companies voted to approve Level 3's proposed acquisition of Global Crossing.
The net proceeds of the financing will be used to refinance outstanding indebtedness of Global Crossing Limited and its subsidiaries, including fees, premiums and other expenses.

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