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Global Crossing to emerge from bankruptcy shortly
Chicago, Oct. 9 - Global Crossing said it expects to emerge from bankruptcy shortly.
The announcement came after Global Crossing and Singapore Technologies Telemedia said the Federal Communications Commission has approved Global Crossing's application for transfer of control to ST Telemedia.
FCC approval was the final regulatory clearance needed for ST Telemedia's agreement to purchase Global Crossing to proceed. ST Telemedia is investing $250 million for a 61.5% ownership position.
Global Crossing creditors will receive a 38.5% equity interest.
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