XO obtains $192 million in cash and stock for Global Crossing debt holding

By Carlise Newman

Chicago, Dec. 15 - XO Communications Inc. said it realized $192 million in value for the $158.5 million it paid to acquire 34% of Global Crossing's pre-petition senior debt.

On Global Crossing's emergence from bankruptcy, XO received $164.8 million in cash and $27.2 million of the reorganized company's common stock.

The cash and stock represent the recovery on the investment XO Communications made in its earlier effort to acquire all of the assets of Global Crossing.

XO Communications retains the rights to 34% of the proceeds from the pending lawsuit between Global Crossing's bank group and former officers and directors that seeks $1.7 billion in damages.

Reston, Va.-based XO Communications is a broadband telecommunications service company.

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