NEW YORK (Reuters) - Global Crossing Ltd. (Other OTC:GBLXQ.PK - News) on Friday won a bankruptcy court's approval to sell itself for pennies on the dollar to two Asian investors in a bid to emerge intact from Chapter 11 proceedings. ADVERTISEMENT
Under the deal approved during a hearing at bankruptcy court in New York, Hong Kong's Hutchison Whampoa Ltd. (HKSE:0013.HK - News) and Singapore Technologies Telemedia Pte would take a 61.5 percent stake in Global Crossing in return for about $300 million in cash and $200 million in notes, according to Joseph Ryan, an attorney for the creditors' committee. Banks and other nonbank creditors would get 38.5 percent of the company.
Global Crossing filed in January for what was then the fourth-largest bankruptcy on record, as it buckled under $12.4 billion in debt, falling prices, and a glut of high-speed network capacity -- which it couldn't sell. The company also faces investigations into its accounting practices by the U.S Justice Department, the Securities and Exchange Commission, and Congress.
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Posted: 2002/08/08 Thu 20:50 ZE2 | © Miningweb 1997-2002
JOHANNESBURG - Afrikander Lease, the Cinderella South African gold junior, has wrapped up an extraordinary share placement with Tokyo-based gold fund Jipangu Incorporated. The deal sees the Japanese fund take 20.5 million shares in Aflease at R6.50 each - a 44 percent premium to the opening price of R4.50 this morning (7 August). What makes the story all the more remarkable is that only a year ago, the share was trading at around R1.40. http://www.mips1.net/MGGold.nsf/Current/4225685F0043D1B242256C0F006782AC?Ope nDocument