Global Crossing Extends Deadline for Bidders
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Global Crossing Ltd., the biggest fiber-optic network provider to seek bankruptcy protection from creditors, extended to July 11 a deadline for bidders interested in acquiring the company.
Bids for “substantially all” of Global Crossing’s assets will be opened at an auction July 24 at the New York offices of Weil, Gotshal & Manges.
The original deadline for bids was Thursday, with the auction scheduled for July 8. The extension “will allow the company to coordinate potential sales of its non-core businesses with the auction process for the entire company,” Chief Executive John Legere said.
Global Crossing still is considering a plan that would let the company emerge from Chapter 11 without being sold, Legere said.
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