Asia Global Crossing announced today that it has determined to avail itself of the 30-day grace period for paying the interest due on April 15th on its $408 million of 13.375% Senior Notes due 2010. The grace period will allow additional time for discussions with a committee representing the majority owners of its bonds regarding a comprehensive plan to restructure the Company’s high-yield debt, and for discussions with potential equity investors.
As of March 31, 2002, Asia Global Crossing had $351 million of cash, sufficient to run its business in the ordinary course and, should the Company determine appropriate, to pay the interest due on its bonds prior to the expiration of the grace period.