XO Communications said that it is prepared to launch immediately an "any and all" tender offer for the $2.25 billion of Senior Secured Global Crossing LTD Bank Debt. The tender offer would be priced at $210 per $1,000 of Bank Debt, or $472.5 million in the aggregate. XO said its offer is predicated on the termination of the Singapore Technologies Telemedia purchase agreement.
On 30-May-2003, XO Communications offered to acquire all of the assets of Global Crossing for cash and securities valued at $700 million. In order to address concerns that its offer might be too low, XO said it is prepared to offer $700 million in cash through a sales process that is subject to higher and better offers from third parties through a Bankruptcy Court administered auction.
As the largest single creditor of Global Crossing, XO said it is very concerned about "the debilitating effects of the continued uncertainty surrounding the purchase of Global Crossing by a foreign entity and the adverse effects it continues to have on Global Crossing's cash balance and continuing operations." The company cited congressional concerns that have been raised regarding to sale of Global Crossing to foreign entities.
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- Separately, XO Communications appointed Lee Weiner as Senior Vice President and General Counsel. Prior to joining XO, Mr. Weiner was Executive Vice President, General Counsel and Secretary at Net2000 Communications. He also served as Vice President and Acting General Counsel/Senior Associate Counsel at Qwest Communications International.
