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GlobalX Releases April Earnings

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5/31/2003

FLORHAM PARK, N.J. -- Global Crossing today filed a Monthly Operating Report (MOR) with the U.S. Bankruptcy Court for the Southern District of New York, as required by its Chapter 11 reorganization process. Unaudited results reported in the April 2003 MOR include the following:

For continuing operations in April 2003, Global Crossing reported consolidated revenue of approximately $228 million. Consolidated access and maintenance costs were reported as $173 million, while other operating expenses were $66 million.

"Our critical focus during this reorganization period is to work even more closely with our customers to meet their needs for communication services and earn their on-going business," said John Legere, Global Crossing's chief executive officer. "The relative stability of our revenue results during April, and realized to date, reflects the success of these efforts and the value of the customer relationships which we have built. Notwithstanding the variability of expenses from month to month, we continue to manage our operating expenses and cash requirements very tightly and closed the month with a consolidated cash balance of $584 million."

Global Crossing's consolidated cash balance of approximately $584 million as of April 30, 2003 was comprised of approximately $180 million in unrestricted cash, $333 million in restricted cash and $71 million of cash held by Global Marine.

Consolidated EBITDA was reported at a loss of $11 million. The consolidated net loss for April 2003 was $75 million. As discussed below, the reported depreciation and amortization of $87 million for the month of April 2003, and therefore both the April operating loss and net loss, would have been reduced substantially if the financial statements in the April MOR had reflected the tangible asset impairment anticipated by the company.

Global Crossing Holdings Ltd.

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