Asia Global Crossing Holdings Ltd

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Last updated: 30 Jan 2003 Update History

Report Status: Archived

Report Pages: 11

Analyst: Peter Evans

Synopsis

Asia Global Crossing (AGC) provides wholesale connectivity to multinational corporations, ISPs and telecommunications carriers in the Asia Pacific region over submarine fibre optic cable systems which link Japan, Hong Kong, Taiwan, South Korea, Singapore and USA. AGC was thrown into a liquidity crisis in December 2001 when its parent, Global Crossing, reneged on a promised US$400 million loan facility. This forced AGC to sell off investments to pay creditors. In November 2002, the company filed for Chapter 11 bankruptcy protection and agreed to sell substantially all of its remaining operations and assets to Asia Netcom, a subsidiary of China Netcom (Hong Kong).

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