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Global Crossing
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Global Crossing wasn't the only brash New Economy company to cut a swath in Washington. But it raised eyebrows because its largesse was so out of proportion to its needs--mostly routine regulatory approvals rather than high-profile legislation. "With Enron, you can list lots of examples of doors that were opened to them," says CRP analyst Holly Bailey. "With Global Crossing, it's hard to fill a page." For Winnick, who was in a hurry to build a global telecom system, the price may have been right. He's now learning, though, as Enron has, that paying the pols won't keep the debt collectors away.
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Global Crossing was a stock market darling during the technology mania. But in 2001, when it became clear that there were not enough paying customers for the network, Global Crossing began its descent. It filed for bankruptcy protection in January 2002, leaving investors and employees, whose pensions were invested in company stock, with billions in losses. It listed debts of $12.4 billion when it filed for Chapter 11.
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Global Crossing has experienced strong demand for collaboration services by customers in Asia during the last three years. As a result, Breauninger said, plans are underway to extend collaboration service throughout South Korea by the first half of 2008. Earlier this year, Global Crossing extended Ready-Access to customers in Hong Kong, the Philippines, Taiwan, Indonesia, Australia and New Zealand via new VoIP platform access options in the region.
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Global Crossing has more than quadrupled the capacity of its global IP network backbone with a new IP Supercore platform. The company has deployed more than 30 new high-capacity Juniper routers in 17 worldwide locations with Terabit speeds to support its rapid expansion and quality of service well into the future. The increased core network capacity supports Global Crossing's 10 Gigabit Ethernet connections which are now available worldwide including Buenos Aires, Santiago and Sao Paulo.
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[I]n January, Global Crossing got a new CEO. Robert Annunziata, the head of AT & T's business services, replaced Jack Scanlon, who became vice-chairman. Annunziata was hired to take Global Crossing from its position as a wholesale carrier to a full-fledged telecommunications competitor by adding local networks and customers. The plan was to make its network truly global, with underwater cables connected to countrywide networks linked to local networks serving major cities. The Pan European Crossing would begin to serve that purpose in Europe. What Global Crossing needed was a network, or backbone, in the United States, with existing customers.
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[T]he full extent of Global Crossing's cash flow crisis and its failure to compete in the market for customized communications services began to emerge on Oct 4, 2001. On that date, the Company announced that: cash revenues in the third quarter would be approximately $1.2 billion, $400 million less than the $1.6 million expected by a consensus of analysts surveyed by Thomson Financial/First Call. The cash revenue shortfall was purportedly the result of a "sharp falloff" in wholesale IRU sales to carrier customers. The Company further announced that it expected recurring adjusted EBITDA to be "significantly less than $100 million," compared to forecasts of $400 million. Following these announcements, Global Crossing's share price plunged by 49% to $1.07 per share.
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