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Global Crossing Ltd was formed in 1997 to design and build the first global, MPLS IP-core network. In January 2002, Global Crossing and a number of its subsidiaries commenced Chapter 11 bankruptcy proceedings in the US Bankruptcy Court for the Southern District of New York. December 9, 2003 was the effective date for the joint plan of reorganisation of the old Global Crossing (Old GCL) and certain subsidiaries. On that date, Old GCL transferred substantially all of its assets to new Global Crossing Ltd (New GCL). New GCL thereby became the parent company of the Global Crossing consolidated group of companies.
On the effective date of the reorganisation, a subsidiary of Singapore Technologies Telemedia Pte Ltd (ST Telemedia) invested US$250 million in cash in exchange for a 61.5% equity interest in New GCL consisting of 6.6 million common shares and 18 million preferred shares.
Global Crossing provides telecommunications services using a global IP-based network that directly connects more than 300 cities in over 30 countries and delivers services to nearly 600 major cities in 60 countries around the world. The company serves many of the world's largest corporations, providing a full range of managed data and voice products and services. The company operates throughout the Americas and Europe. The company provides services in the Asia Pacific region through commercial arrangements with other carriers.
As of December 31, 2005, Carlos Slim Helu and members of his family (the Slim Family) together with entities controlled by the Slim Family, held more than 10% of Global Crossing's common stock.
