Global Crossing Sells its Global Marine Systems

Global Crossing will sell its Global Marine Systems subsidiary and transfer of 49% shareholding in S. B. Submarine Systems Company to Global Marine for $132 million. As a result of these transactions Global Crossing will receive consideration of up to $14.8 million, and Bridgehouse will assume $117 million of Global Marine capital lease debt, which had been carried on Global Crossing's consolidated balance sheet.



Global Crossing said the sales enables it to sharpen its focus on IP services. http://www.globalcrossing.com