Approximately $10-20 million of Global Crossing's bank debt was auctioned in the 18-19 context last week. The auction went off at levels consistent with where the bank debt has been trading since the end of last year. "I think that there will be a lot of guys who want to get out prior to the restructuring," one dealer noted.
A spokeswoman for Global Crossing said regulatory approval is the company's last barrier to exiting from bankruptcy. The company is being acquired by Hutchison Telecommunications and Singapore Technologies Telemedia and so must receive approval for the transaction from the Committee on Foreign Investment in the United States. This is a private process and therefore Global Crossing cannot provide more guidance other than it expects to emerge from bankruptcy during the first half of 2003, the spokeswoman noted.