XO Communications receives $192M in cash and common stock upon Global Crossing's emergence from bankruptcy

December 16, 2003

1 Min Read

RESTON, Va. -- XO Communications, Inc. announced today that it has received $192.0 million in value, consisting of $164.8 million in cash and $27.2 million of Global Crossing common stock (based on the closing price of $33 per share of Global Crossing common stock as of December 12, 2003), in exchange for the $158.5 million XO Communications paid to acquire approximately 34% of pre-petition senior debt of Global Crossing.

The cash payment and shares of common stock were distributed by Global Crossing upon its emergence from bankruptcy and represent the recovery on the investment XO Communications made in its earlier effort to acquire all of the assets of Global Crossing. In addition, XO Communications retains the rights to approximately 34% of the proceeds, if any, from the pending lawsuit between Global Crossing's bank group and former Global Crossing officers and directors that seeks $1.7 billion in damages.

XO Communications Inc.

Global Crossing Holdings Ltd.

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