Joint statement by Hutchison and ST Telemedia on Global Crossing
Hong Kong and Singapore, 9 August 2002 - Hutchison Telecommunications Limited (Hutchison) and Singapore Technologies Telemedia Pte Ltd (ST Telemedia) today announced that they have signed an agreement with Global Crossing to invest US$250 million for 61.5 percent majority interest in the company as newly constituted. Global Crossing’s creditor groups support the agreement. The agreement was approved today (9 August, 2002 U.S. Eastern Daylight Time) in a hearing before the US bankruptcy court. Hutchison and ST Telemedia are confident that this proposal represents the best outcome for Global Crossing’s creditors, customers and employees and it is an important milestone to assist Global Crossing to emerge successfully from its bankruptcy process. Hutchison and ST Telemedia are in the process of working with Global Crossing’s management and creditors to facilitate a quick reorganization of the business to restore confidence and ensure continued service to Global Crossing’s customers. Hutchison, ST Telemedia and Global Crossing will immediately embark on the process for obtaining all necessary regulatory approvals. Subject to these approvals being obtained and the satisfaction of other closing conditions, the transaction is expected to be completed in early 2003.
For further information, please refer to the Global Crossing’s press release at http://globalcrossing.com/xml/news/2002/august/09.xml