Asia Global Crossing Ltd, 58 percent owned by bankrupt communications network operator Global Crossing Ltd, said it's trying to raise money to stay afloat and may become part of US probes into its parent's accounting practices.
The company hired Lazard LLC to raise funds after slower sales and Global Crossing's refusal in December to lend US$400 million meant it "no longer has a fully funded business plan," the company said in a statement.
The statement was the first sign Global Crossing's Asian unit also faces financial strains and may raise doubt over a bid by Hutchison Whampoa Ltd and Singapore Technologies Telemedia Pte to buy the parent, which filed for bankruptcy last month with debt of US$12.4 billion. They already face a challenge from shareholders led by KAB Group LLC.
Hutchison, controlled by Hong Kong billionaire Li Ka-shing, and ST Telemedia hold stakes in Asia Global Crossing and are its partners in local ventures.
The two Asian companies are offering to buy 79 percent of its parent for US$750 million, plus payments to creditors of US$1.1 billion of new debt, cash and shares. KAB Group proposed a plan that would allow Global Crossing to raise as much as US$5.5 billion in three years.
Hutchison said the announcement won't change its plans.
Asia Global Crossing expects to post a loss for the fourth quarter.
ENDEAVOR MANTA: The ship is programmed to automatically return to its designated home port and would self-destruct if seized by another party The Endeavor Manta, Taiwan’s first military-specification uncrewed surface vehicle (USV) tailor-made to operate in the Taiwan Strait in a bid to bolster the nation’s asymmetric combat capabilities made its first appearance at Kaohsiung’s Singda Harbor yesterday. Taking inspiration from Ukraine’s navy, which is using USVs to force Russia’s Black Sea fleet to take shelter within its own ports, CSBC Taiwan (台灣國際造船) established a research and development unit on USVs last year, CSBC chairman Huang Cheng-hung (黃正弘) said. With the exception of the satellite guidance system and the outboard motors — which were purchased from foreign companies that were not affiliated with Chinese-funded
PERMIT REVOKED: The influencer at a news conference said the National Immigration Agency was infringing on human rights and persecuting Chinese spouses Chinese influencer “Yaya in Taiwan” (亞亞在台灣) yesterday evening voluntarily left Taiwan, despite saying yesterday morning that she had “no intention” of leaving after her residence permit was revoked over her comments on Taiwan being “unified” with China by military force. The Ministry of the Interior yesterday had said that it could forcibly deport the influencer at midnight, but was considering taking a more flexible approach and beginning procedures this morning. The influencer, whose given name is Liu Zhenya (劉振亞), departed on a 8:45pm flight from Taipei International Airport (Songshan airport) to Fuzhou, China. Liu held a news conference at the airport at 7pm,
KAOHSIUNG CEREMONY: The contract chipmaker is planning to build 5 fabs in the southern city to gradually expand its 2-nanometer chip capacity Taiwan Semiconductor Manufacturing Co (TSMC, 台積電), the world’s biggest contract chipmaker, yesterday confirmed that it plans to hold a ceremony on March 31 to unveil a capacity expansion plan for its most advanced 2-nanometer chips in Kaohsiung, demonstrating its commitment to further investment at home. The ceremony is to be hosted by TSMC cochief operating officer Y.P. Chyn (秦永沛). It did not disclose whether Premier Cho Jung-tai (卓榮泰) and high-ranking government officials would attend the ceremony. More details are to be released next week, it said. The chipmaker’s latest move came after its announcement earlier this month of an additional US$100 billion
Authorities yesterday elaborated on the rules governing Employment Gold Cards after a US cardholder was barred from entering Taiwan for six years after working without a permit during a 2023 visit. American YouTuber LeLe Farley was barred after already being approved for an Employment Gold Card, he said in a video published on his channel on Saturday. Farley, who has more than 420,000 subscribers on his YouTube channel, was approved for his Gold Card last month, but was told at a check-in counter at the Los Angeles International Airport that he could not enter Taiwan. That was because he previously participated in two
RSS