NETCOM, HW & CITIC PACIFIC COMPETED TO PURCHASE GLOBAL CROSSING
AsiaInfo Services, June, 2002
AsiaInfo Services 06-11-2002 Netcom, HW & CITIC Pacific Competed to Purchase Global Crossing CHINA, Jun 11, 2002 (AsiaPort via COMTEX) -- This was the first time for China mainland telecommunication enterprises to dabble in the business of purchasing the assets of overseas telecommunication companies.
If they succeeded, China could utilize the submarine optic fibre of Global Crossing cross Pacific Ocean to cut down the cost of international telecommunication business and turn the inferior situation of Chinese telecommunication in the competition. On 24 May, Singapore Technologies Telemedia Pte. Ltd. and Hutchison Whampoa Ltd. confirmed that they have ended their discussions with Global Crossing's creditors and its banks without reaching a definitive...
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