- Global Crossing Stock to Begin Trading on NASDAQ National Market Today
- Global Crossing stock to begin trading under the ticker symbol GLBC today.
Brussels, January 22, 2004 - Global Crossing announced that its new common stock will begin trading on the NASDAQ National Market on Thursday, January 22, 2004, under the trading symbol GLBC. The company's stock had been trading in the over-the-counter market under the symbol GLBCF since Global Crossing's emergence from Chapter 11 on December 9, 2003.
"Listing Global Crossing's new common stock to trade on the NASDAQ National Market should enhance its liquidity," said John Legere, Global Crossing's chief executive officer. "Qualifying to trade on NASDAQ represents the first of many milestones we intend to reach on the heels of our successful emergence."
Global Crossing emerged from Chapter 11 with its core network in place, while retaining a revenue base of nearly $3.0 billion. During its restructuring, the company reduced operating expenses by 63 percent compared to the beginning of 2001. Global Crossing's long-term debt and convertible preferred stock were substantially reduced from approximately $11 billion at the end of 2001, including $1 billion of Asia Global Crossing debt, to $200 million of debt post-emergence.
As previously announced, Global Crossing's plan of reorganization included the cancellation of existing preferred and common stock. The holders of these previously publicly traded securities received no consideration under the company's plan of reorganization. Under the plan of reorganization, Global Crossing issued 61.5 percent of the outstanding equity or 18 million shares of new preferred stock and 6.6 million shares of new common stock to Singapore Technologies Telemedia (ST Telemedia) in consideration for its $250 million equity investment in the new Global Crossing. The remaining 38.5 percent of the outstanding equity or 15.4 million shares of the new common stock has been distributed to Global Crossing's former secured and unsecured creditors.
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ABOUT GLOBAL CROSSING
Global Crossing provides telecommunications solutions over the world's first integrated global IP-based network. Its core network connects more than 200 cities and 27 countries worldwide, and delivers services to more than 500 major cities, 50 countries and 5 continents around the globe. The company's global sales and support model matches the network footprint and, like the network, delivers a consistent customer experience worldwide. Global Crossing IP services are global in scale, linking the world's enterprises, governments and carriers with customers, employees and partners worldwide in a secure environment that is ideally suited for IP-based business applications, allowing e-commerce to thrive. The company offers a full range of managed data and voice products including Global Crossing IP VPN Service, Global Crossing Managed Services and Global Crossing VoIP services, to more than 40 percent of the Fortune 500, as well as 700 carriers, mobile operators and ISPs.
Please visit www.globalcrossing.com for more information about Global Crossing.
Statements made in this press release that state Global Crossing's or management's intentions, beliefs, expectations, or predictions for the future are forward-looking statements. Such forward-looking statements are subject to a number of risks, assumptions and uncertainties that could cause Global Crossing's actual results to differ materially from those projected in such forward-looking statements. These risks, assumptions and uncertainties include: the impact of Global Crossing's bankruptcy proceedings on sales, customer and employee retention, supplier relationships and operations; the ability to complete systems within currently estimated time frames and budgets; the ability to compete effectively in a rapidly evolving and price competitive marketplace; possible reductions in demand for our products and services due to competition changes in industry conditions; changes in the nature of telecommunications regulation in the United States and other countries; changes in business strategy; the successful integration of acquired businesses; the impact of technological change; and other risks referenced from time to time in Global Crossing's filings with the Securities and Exchange Commission.
More informations:
Terry Davidson, The Communications Group; tel: 00 32 2 640 92 07; terry@eurocom.be
Fred Franssen, Franssen Communicatie; tel: 030 22 88 579; fred@franssencom.nl