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Wed, May 15, 2002 - Page 21 News List

Workers to get US$8.25m


Global Crossing Ltd, the telecommunications-network company that filed for Chapter 11 protection in January, will pay 417 employees a total of US$8.25 million to stay while it reorganizes, Reuters said. US Bankruptcy Court Judge Robert Gerber, who approved the incentive-awards plan, agreed with Global Crossing's attorneys that the individuals are critical to the company's value, Reuters said. Global Crossing sought protection from creditors after demand for use of its 27-nation network plunged and it couldn't repay US$12.4 billion in debt. Global Crossing Chief Financial Officer Dan Cohrs and a second finance executive, Joseph Perrone, will respectively get US$250,000 and US$225,000, Reuters said.

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