Feb, 2002 : Lucent Owed $123M by Global Crossing: WSJ Report

📅 February 1, 2002 - Lucent Technologies Inc. (lucent.com) said in a court filingtoday that Global Crossing Ltd. (globalcrossing.com) owes the company at least $123 million, more than the $31 million listed in Global Crossing'sbankruptcy filing, the Wall Street Journal reported in Friday's onlineedition.

In Global Crossing's filing for Chapter 11 bankruptcy protection on Monday,Lucent is named as the company's largest nonbank creditor, with unsecuredclaims exceeding $31 million, the Journal reported.
In a Lucent filing on Wednesday, it said its accounts receivable total $83million. Lucent also said it did not bill for goods and services that it hadalready provided, valued at about $40 million, according to the Journal.
Lucent was not available to comment on the report at the time.
Lucent said it expected to supply $45 million in additional goods andservices by June 30, under existing orders and arrangements, the Journalsaid. Lucent asked the court to force Global Crossing to either accept orreject the outstanding contracts.
Lucent, a telecommunications equipment maker, announced Tuesday that it willcut another 800 jobs from its Merrimack Valley workforce, which has alreadybeen cut in half in the past year. It plans to trim down to 1,550 workers inpreparation for selling certain manufacturing lines.

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