XO Expresses Disappointment in Global Crossing Court Decision

The U.S. Bankruptcy Court handling the Global Crossing case approved a purchase agreement amendment that extends the exclusivity period under which only Singapore Technologies Telemedia PTE bid is considered for acquiring the company. In a press statement, XO said it remains highly skeptical that Singapore Technologies Telemedia PTE will be able to obtain the needed regulatory approvals to consummate this transaction. Furthermore, XO argues that Global Crossing should not be owned and controlled by an entity owned by a foreign government. It also noted that present cash flow projections indicate that Global Crossing could run out of unrestricted cash in October.
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