Asia Global Crossing Says Future ‘Promising’
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Asia Global Crossing Ltd. officials say the communications company will survive on its own, even if parent company Global Crossing Ltd. never emerges from bankruptcy or is sold off in pieces.
Executives of Bermuda-based Asia Global Crossing, which is facing a cash shortfall of its own, are traveling across Asia this week to reassure customers and investors and to line up new funding. A spokeswoman for the company said talks with potential investors “are ongoing and look promising.”
Global Crossing, which owns 59% of Asia Global Crossing, filed for bankruptcy protection in January, and its future is uncertain. The two companies have been heavily interdependent, with overlapping boards of directors, shared offices and interlocking customer deals.
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