Global Crossing (Nearly) Sold To Singapore

sQuEeDeN writes "According to money.cnn.com, the sale of Global Crossing to STT (Singapore Technologies Telemedia) has been permitted by the administration. There originally were concerns about this sale by the DoD/ DOHS but, by what I assume to be much behind-the-scenes negotiating, such concerns have been alleviated. Ultimately this shouldn't [knock] matter much but it's always interesting to see where your bandwidth comes from. We'll see what it means for the U.S. to have it's global bandwidth be owned by, well, someone else."

Comments

This is not a big loss for the US

[Eponymous Cowboy]

You have to remember that even though Global Crossing seems ubiquitous, the company is only four years old (formed in 1999 from a merger between a Bermuda-based fiber-optic company and a local US telecom operator), and really died at the age of two--it was run into the ground by the end of 2001, buried in accounting scandals, and filed for bankruptcy in January of 2002. All it has going for it is a widespread physical infrastructure (most of which it doesn't even own outright, with liabilities in the tens of billions of dollars). I say good riddance; let Singapore have them. The only unfortunate thing is that GC's public shareholders will get nothing--that's a big fat $0--from this deal.