Anxiety about the ability of Global Crossing – the telecommunications company with which SWIFT had recently to renegotiate an outsourcing agreement – to survive financially increased further today with news that it had extended the deadline for receipt of potential bids for the company.
Global Crossing announced today that it has set the deadline for receipt of bids from potential investors at 3:00 P.M. (Eastern Daylight Time) on July 11, 2002. The date and time for the auction to determine the winning bidder will take place at 10:00 A.M. (Eastern Daylight Time) on July 24, 2002. The auction will take place at the offices of Weil, Gotshal & Manges LLP, 767 Fifth Avenue, New York, New York 10153.
“We are extending the deadline in order to allow the company to coordinate potential sales of its non-core businesses with the auction process for the entire company,” said John Legere, chief executive officer of Global Crossing.
On January 28, 2002, large parts of Global Crossing (but excluding Asia Global Crossing and its subsidiaries) entered Chapter 11.