Subject:  Global Crossing posts $25 bln loss from 2000-2002 |
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Date Posted: 22:33:37 12/08/03 Mon
Global Crossing posts $25 bln loss from 2000-2002
Reuters, 12.08.03, 7:32 PM ET
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Corporate Results Forecasts Singapore
PHILADELPHIA, Dec 8 (Reuters) - Global Crossing Ltd. , which faces a federal probe of its accounting practices, on Monday said it posted a loss of about $25 billion for 2000 through 2002 as the telecommunications market imploded and it wrote down the value of its high-speed network.
Global Crossing, which is expected to emerge from bankruptcy this week, also said it would not generate enough money to meet all of its near-term expenses. It said it may need up to $100 million in financing to fund its operations through the end of 2004.
If the fiber-optic network operator cannot raise funding by the end of the year, its controlling shareholder, Singapore Technologies Telemedia, would provide the money, Global Crossing said in a filing with the Securities and Exchange Commission.
ST Telemedia on Friday agreed to put an additional $200 million into Global Crossing to placate key creditors, led by billionaire Carl Icahn, who balked at the original offer of $250 million. ST Telemedia will own 61.5-percent of Global Crossing.
The creditors committee and ST Telemedia on Monday also named Global Crossing's new 10-member board of directors, which will be lead by Lodewijk Christiaan van Wachem, former chairman of the supervisory board of Royal Dutch Petroleum Co.
In the SEC filing, Global Crossing, which operates a high-speed network reaching 27 countries, released its 2002 annual report and restated results for the previous two years.
The company posted a loss of $2.8 billion in 2000, a loss of $22.4 billion in 2001, which included about $19.1 billion in charges to write down the value of assets. It had a profit of $654 million in 2002. Over the three year period, Global Crossing had $10.3 billion in revenues, according to the SEC filing.
The reports reflected restated results for the full year of 2000, and for the first three quarters of 2001. The filing marked marked Global Crossing's first periodic report to the SEC since the quarter ended September 30, 2001.
The company said it would file reports for the first three quarters of 2003 within 15 days of its emergence from Chapter 11 bankruptcy.
Global Crossing filed for bankruptcy in January 2002 after buckling under $12.4 billion of debt, a soft economy, steep competition and a glut of network capacity.
It was one of several telephone companies to face federal probes of its accounting practices. Global Crossing has been in settlement talks with the SEC, but declined to predict when and how the negotiations would be resolved.
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