Global Crossing Ltd. is a major telecommunications company that provides computer networking services worldwide. It maintains a large Internet backbone and offers transit and peering links, VPN and VoIP, mainly to large customers as it is a tier 1 carrier.
It rode the dot-com boom of the 1990s to incredibly high stock market values, only to go bankrupt a few years later. Its stock price hit a high of US $64 per share, and would eventually plunge to below $1.
Company chairman Gary Winnick, and former CEOs John Legere, Leo Hindery, and Thomas Casey were examples of the excess of that era, each one taking personal fortunes while costing shareholders billions.
In January 2002, the company declared Chapter 11 bankruptcy, making it the fourth largest insolvency in United States history. By December 2003, the company completed its restructuring and emerged from bankruptcy, after Singapore Technologies Telemedia bought a two-thirds stake in the business.
It remained a major name in the business, and it also became a corporate partner of various governmental and academic networks, such as the UK's Immigration and Nationality Directorate, the U.S. government, European academic networks GEANT, SURFnet and others, the US Internet2 and the Canadian CA*Net.
It has been doing business in 2004 but may face bankruptcy again in early 2005 unless it secures additional funding.