SINGAPORE: Singapore Technologies Telemedia (ST Telemedia) Pte has offered US$200mil in cash in lieu of notes to holders of Global Crossing Ltd bank debt, including billionaire Carl Icahn, to pave the way to buy the bankrupt network operator.
Government-owned ST Telemedia will pay creditors cash, instead of notes they stood to receive when Global Crossing exited bankruptcy protection, court papers show. ST Telemedia won US approval in September to buy 61.5% of Bermuda-based Global Crossing for US$250mil.
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