Global Crossing plans layoffs, cost cuts, as loss widens because of write-downs
Article Abstract:
Global Crossing lost $3.35 billion in the third quarter, about $3.84 a share and is planning to cut 1,200 of its 9,200 employees. The company wrote down $2 billion from its investment in Exodus Communications, which is in bankruptcy proceedings. Global Crossing plans to sell its fiber optic connections to large corporations as well as cut expenses to about $1 billion (from current $5.1 billion). Chief executive John Legere is hopeful that the company will retain approval from bankers on its $7.7 billion of debt but analysts are worried.
author: Berman, Dennis K.
Publisher: Dow Jones & Company, Inc.
Publication Name: The Wall Street Journal Western Edition
Subject: Business, general
ISSN: 0193-2241
Year: 2001
Labor force information, Sales, profits & dividends, Computer Services, Computer Systems Design and Related Services, Computer and Data Processing Services, Human resource management, Finance, Computer services industry, Information technology services industry, Information technology services, Company sales and earnings, Company earnings/profit, Company personnel management, Exodus Communications Inc., EXDS, Legere, John
U S West Inc.'s Trujillo is thinking big again
Article Abstract:
It seems that Solomon D. Trujillo, chairman of US West Inc. has made a good move in the decision to merge with Global Crossing Ltd. He states that they needed a larger company so that US West could fulfill it own global aspirations and goals for the company. This bold move is seen as strange from such a soft-spoken, low-profile chairman.
author: Mehta, Stephanie N.
Publisher: Dow Jones & Company, Inc.
Publication Name: The Wall Street Journal Western Edition
Subject: Business, general
ISSN: 0193-2241
Year: 1999
Executive changes & profiles, Officials and employees, U S WEST Inc., USW, Company business management, Trujillo, Solomon D.
Global Crossing strikes deal with Racal; acquisition of British firm's telecom busines is set for about $1.6 billion
Article Abstract:
Global Crossing Ltd. of Bermuda has just acquired the telecommunications assets of British defense-contractor Racal Electronics P.L.C. Additionally, Global Crossing has also just acquired the long-distance telephone service provider Frontier Corp. With the purchase of Racal's operations, Global Crossing now has the ability to give customers telephone and Internet access on both sides of the Atlantic, putting them at strategic advantage to telecommunications providers that operate solely in the United States or Europe.
author: Mehta, Stephanie N., Raghavan, Anita
Publisher: Dow Jones & Company, Inc.
Publication Name: The Wall Street Journal Western Edition
Subject: Business, general
ISSN: 0193-2241
Year: 1999
United Kingdom, Asset sales & divestitures, Acquisitions & mergers, Communications Equipment, Telecommunications Equipment, Communications Equipment Manufacturing, Other Electrical Equipment and Component Manufacturing, Electronics, Electronic Components and Accessories, Company acquisition/merger, Telecommunications equipment industry, Telecommunications systems, Electronics industry, Racal Electronics PLC
subjects list: United States, Management, Telecommunications services industry, Telecommunications industry, Global Crossing Ltd., GBLX, Bermuda, International telephone services, Mergers, acquisitions and divestments
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