GlobalX Delays 10-K Filing

MADISON, N.J. -- In a filing today with the Securities and Exchange Commission, Global Crossing stated that its independent public accountants, Arthur Andersen, have informed Global Crossing that they will not be able to deliver an audit report with respect to the financial statements contained in the Form 10-K report until the completion of an investigation by a special committee of its board of directors into allegations made by a former employee regarding Global Crossing's accounting and financial reporting practices. In recognition of this fact, and in light of the demands of the bankruptcy process and ongoing governmental investigations, Global Crossing has not yet completed its preparation of the disclosures required in the annual report. Until the disclosures are completed and the audit report is received, Global Crossing will be unable to file the Form 10-K report. On January 28, 2002, Global Crossing and certain of its affiliates (excluding Asia Global Crossing and its subsidiaries) commenced Chapter 11 cases in the United States Bankruptcy Court for the Southern District of New York and coordinated proceedings in the Supreme Court of Bermuda. Today Global Crossing announced that it intends to make available to the public the monthly reports of financial operations it is required to file with the bankruptcy court on an ongoing basis. The first such report, covering the month of February 2002, is expected to be filed the week of April 8, 2002. Global Crossing Ltd.