Summary:

TheDeal.com :: Waiting for a better offer for its prime assets proved costly in the end for bankrupt Global Crossing Ltd. The company announced Friday, Aug. 9, it had agreed to sell a 61.5% stake to Hutchison Whampoa Ltd. and Singapore Technologies Telemedia Pte for $250 […]

TheDeal.com :: Waiting for a better offer for its prime assets proved costly in the end for bankrupt Global Crossing Ltd. The company announced Friday, Aug. 9, it had agreed to sell a 61.5% stake to Hutchison Whampoa Ltd. and Singapore Technologies Telemedia Pte for $250 million %u2014 significantly less than a $750 million offer from the same Asian investors in January. As part of the agreement, designed to help Global Crossing emerge from Chapter 11 bankruptcy protection, the company’s banks and creditors will receive a 38.5% equity stake, $300 million in cash from Global Crossing and $200 million of the company’s new senior notes.

Comments have been disabled for this post