Global Crossing files for bankruptcy

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New York--Telecommunications network giant Global Crossing Ltd. filed for Chapter 11 bankruptcy protection. The bankruptcy filing is the fifth largest by a public company in U.S. history.

Global Crossing, which built an undersea telecommunications network connecting the U.S. with Europe and Asia, had $12.4 billion in debt and $22.4 billion in assets, according to its filing in U.S. Bankruptcy Court.

The New York Stock Exchange immediately halted trading of the stock, whose price fell to 51 cents on Friday, which is below the exchange's listing standard. The stock price had peaked at $61 in February 2000.

Global Crossing also announced a $750 million investment by Hong Kong-based holding company Hutchison Whampoa and telecom provider Singapore Technologies Telemedia, which must be approved by the bankruptcy court as part of the restructuring.

The investment would give the Asian partners a majority stake in Global Crossing.

--Kate Maddox

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