All pending legal and regulatory issues were resolved in the acquisition of Teleglobe by a group of private investors. Teleglobe International is being re-launched as a provider of international voice, wireless roaming, data and Internet services. The company owns and operates an extensive global telecommunications network built over a combination of wavelength IRUs, ownership or participation in 90 fiber optic submarine cable systems, satellite capacity, and leased transmission capacity.
http://www.teleglobe.com
- In December 2002, TLGB Acquisition LLC, an affiliate of Cerberus Capital Management and TenX Capital Partners, assumed day-to- day management of Teleglobe’s operations. TLGB’s proposed acquisition of Teleglobe’s core business recently received approval of US and Canadian bankruptcy courts.
- In May, Teleglobe filed bankruptcy papers with the Ontario Superior Court.
- On April 24, BCE (Bell Canada Enterprises), Canada’s largest communications company, announced that it would cease long-term funding of Teleglobe.