Global Crossing received approval from the Committee for Foreign Investment in the United States (CFIUS) for ST Telemedia’s proposed investment in Global Crossing. John Legere, Global Crossing’s CEO, said ST Telemedia’s investment would position the company as a “dynamic competitor in the telecommunications industry with a unique, next-generation IP network.”http://www.globalcrossing.com
- The Committee on Foreign Investment in the United States (“CFIUS”) is chaired by the Secretary of Treasury and includes the Secretaries of State, Defense, and Commerce, the Attorney General, the Director of the Office of Management and Budget, the U.S. Trade Representative, and the Chairman of the Council of Economic Advisers.
- Global Crossing first filed for Chapter 11 protection in January 2002.