Global Crossing Gets More Time to Negotiate
A Bankruptcy Court judge extended to Friday the deadline for Global Crossing Ltd. and its creditors to reach an agreement with the two companies that have offered to buy the ailing fiber optic network operator.
Judge Robert E. Gerber, of the Bankruptcy Court of the Southern District of New York, extended the deadline at the parties’ request after they failed to agree on buyout terms by midnight Tuesday.
Global Crossing and its creditors were still debating the value of the company’s assets with the bidders, Hutchison Whampoa Ltd. and Singapore Technologies Telemedia, sources said.
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