Hamilton, Bermuda-based Global Crossing amassed debt as it laid fiber-optic cable for sending calls and data all over the world. The 160,000km fiber-optic network, the world's largest, spans five continents. The company listed US$22.4 billion in assets when it filed for bankruptcy.
Hutchison and ST Telemedia had said they wouldn't participate in a public auction of the company, said Arthur Newman of Blackstone Group, Global Crossing's investment banker.
"We scoured the world for potential bidders," Newman told Gerber today. Newman said only three credible bids were made.
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