Editing Global Crossing (section)

=== Bankruptcy and reemergence ===
In the fourth quarter of 2001, the company lost $3.4 billion on revenue of $793 million. In January 2002, the company filed [[bankruptcy]]. It listed total assets of $22.4 billion and debts of $12.4 billion and was paying annual interest of $600 million.<ref name="bankruptcy" /><ref>{{cite news | url=https://www.marketwatch.com/story/anatomy-of-global-crossings-failure | title=Anatomy of Global Crossing's failure | first=Jeffry | last=Bartash | work=[[Marketwatch]] | date=January 29, 2002 | access-date=May 5, 2018 | archive-date=May 5, 2018 | archive-url=https://web.archive.org/web/20180505205822/https://www.marketwatch.com/story/anatomy-of-global-crossings-failure | url-status=live }}</ref> As part of the bankruptcy, [[Hutchison Whampoa]] and [[ST Telemedia]] agreed to invest $750 million in the company.<ref>{{cite news | url=https://money.cnn.com/2002/01/28/companies/globalcrossing/ | title=Global files for bankruptcy | work=[[CNN]] | date=January 28, 2002 | access-date=June 30, 2019 | archive-date=June 30, 2019 | archive-url=https://web.archive.org/web/20190630175737/https://money.cnn.com/2002/01/28/companies/globalcrossing/ | url-status=live }}</ref> Hutchinson Whampoa later pulled out of the deal due to regulatory resistance.<ref>{{cite news | url=https://www.upi.com/ST-Telemedia-to-buy-Global-Crossing-stake/33741051752878/ | title=ST Telemedia to buy Global Crossing stake | first=SONIA | last=KOLESNIKOV | work=[[United Press International]] | date=April 30, 2003 | access-date=May 5, 2018 | archive-date=May 5, 2018 | archive-url=https://web.archive.org/web/20180505205126/https://www.upi.com/ST-Telemedia-to-buy-Global-Crossing-stake/33741051752878/ | url-status=live }}</ref>

CIBC realized an estimated gain of $2 billion from its relatively small equity investment in the company, making it one of the most profitable investments by a financial institution in the 1990s.<ref name=":0">{{cite news |last1=FABRIKANT |first1=GERALDINE |last2=ROMERO |first2=SIMON |date=February 11, 2002 |title=How Executives Prospered as Global Crossing Collapsed |work=[[The New York Times]] |url=https://www.nytimes.com/2002/02/11/business/how-executives-prospered-as-global-crossing-collapsed.html |url-access=subscription |access-date=February 19, 2017 |archive-date=March 22, 2017 |archive-url=https://web.archive.org/web/20170322125314/http://www.nytimes.com/2002/02/11/business/how-executives-prospered-as-global-crossing-collapsed.html |url-status=live }}</ref><ref name=":1">{{cite news |date=March 11, 2002 |title=The Drexel Connection at Global Crossing |work=[[Bloomberg News]] |url=https://www.bloomberg.com/news/articles/2002-03-10/the-drexel-connection-at-global-crossing |url-access=subscription |access-date=2018-05-05 |archive-date=2018-05-06 |archive-url=https://web.archive.org/web/20180506035024/https://www.bloomberg.com/news/articles/2002-03-10/the-drexel-connection-at-global-crossing |url-status=live }}</ref> Winnick salvaged $735 million from his $20 million investment, although his interest was worth $6 billion on paper at its peak.<ref name="flameout" />

In April 2002, Hutchinson Whampoa bought the company's 50% interest in the Hong Kong joint venture for $120 million.<ref>{{cite press release | url=http://www.hutchison-whampoa.com/en/media/press_each.php?id=893 | title=Hutchison acquires Asia Global Crossing's interest in Hong Kong joint ventures for US$120 Million | publisher=[[Hutchinson Whampoa]] | date=April 29, 2002 | access-date=May 5, 2018 | archive-date=May 5, 2018 | archive-url=https://web.archive.org/web/20180505210351/http://www.hutchison-whampoa.com/en/media/press_each.php?id=893 | url-status=live }}</ref>

In November 2002, Global Crossing's Asian subsidiary, Asia Global Crossing, filed bankruptcy and sold its assets to Asia Netcom, a subsidiary of [[China Netcom]].<ref>{{cite news | url=https://www.latimes.com/archives/la-xpm-2002-nov-18-fi-asia18-story.html | title=Asia Global Crossing Files for Bankruptcy | first1=James S. | last1=Granelli | first2=ELIZABETH | last2=DOUGLASS | work=[[Los Angeles Times]] | date=November 18, 2002 | url-access=subscription | access-date=June 30, 2019 | archive-date=June 30, 2019 | archive-url=https://web.archive.org/web/20190630175738/https://www.latimes.com/archives/la-xpm-2002-nov-18-fi-asia18-story.html | url-status=live }}</ref>

Between 1998 and 2001, Winnick sold approximately $420 million in company stock and other executives sold an additional $900 million in company stock.<ref>{{cite news | url=https://usatoday30.usatoday.com/money/covers/2002-02-27-global-crossing.htm | title=Global's warning signs there, Wall St. was unaware | first1=Jim | last1=Hopkins | first2=Matt | last2=Krantz | work=[[USA Today]] | date=February 26, 2002 | access-date=2018-05-05 | archive-date=2018-11-05 | archive-url=https://web.archive.org/web/20181105202551/https://usatoday30.usatoday.com/money/covers/2002-02-27-global-crossing.htm | url-status=live }}</ref>

On December 9, 2003, the company emerged from bankruptcy and on April 1, 2004, the company once again became a [[public company]].<ref>{{cite press release | url=https://www.sttelemedia.com/about-us/news/read/global-crossing-stock-to-begin-trading-on-nasdaq-national-market-today | title=Global Crossing Stock to Begin Trading on NASDAQ National Market Today | publisher=[[ST Telemedia]] | date=April 1, 2004 | access-date=June 30, 2019 | archive-date=June 30, 2019 | archive-url=https://web.archive.org/web/20190630175746/https://www.sttelemedia.com/about-us/news/read/global-crossing-stock-to-begin-trading-on-nasdaq-national-market-today | url-status=live }}</ref>

In March 2004, Gary Winnick and other ex-executives settled lawsuits filed by investors and former employees accusing the executives of committing [[securities fraud]] by using improper accounting to inflate the company's revenue.<ref name=324m>{{cite news | url=https://www.latimes.com/archives/la-xpm-2004-mar-20-fi-global20-story.html | title=Global Crossing Ex-Execs to Pay $324 Million | first1=Alex | last1=Pham | first2=David | last2=Colker | work=[[Los Angeles Times]] | date=March 20, 2004 | url-access=subscription}}</ref>

In October 2006, the company announced the acquisition of UK-based [[Fibernet Corp.]] for £49.8 million.<ref>{{cite news | url=https://www.zdnet.com/home-and-office/networking/global-crossing-snaps-up-fibernet/ | title=Global Crossing snaps up Fibernet | first=Natasha | last=Lomas | work=[[ZDNet]] | date=October 11, 2006}}</ref>

In May 2007, the company acquired Impsat,<ref name=impsat/> a leading Argentine telecommunications company. Global Crossing and Impsat have had a commercial relationship since 2000, when Global Crossing selected Impsat as one of its providers of Point of Presence (PoP) facilities for Global Crossing's Latin American network, known as South American Crossing. Impsat has also been a customer of Global Crossing in Latin America since 2000.{{cn|date=June 2023}}

In October 2011, Level 3 Communications acquired the company for $3 billion, including the assumption of $1.1 billion in debt.<ref name=level3/>