Platinum Equity Considers Acquisition of Global Crossing Shares

📅 March 6, 2002 - Platinum Equity (peh.com), a buyout firm, announced today that it was considering bidding for the assets of Global Crossing, a fiber optic cable company that has filed for bankruptcy protection. An actual bid is yet to be confirmed.

Having filed for bankruptcy protection on January 28, Bermuda-based Global Crossing agreed to sell a 79 per cent stake to Hutchison Whampoa of Hong Kong and Singapore Technologies Telemedia for $750 million.
Creditors including the Fleet National Bank division of FleetBoston Financial, which lent Global Crossing at least $77 million, say that the Hutchison-Singapore Technologies bid is too low.
Platinum Equity, a Los Angeles firm run by Tom Gores, acquires and operates application service providers, IT service providers and technology-enabled service organizations, that are struggling with financial debt.
Mr. Gores? brother, Alec Gores, who owns the Gores Technology Group, is also considering a bid for Global Crossing assets.

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