RESTON, Va.-Broadband communications provider XO Communications Inc. has offered $700 million to acquire all assets of bankrupt telecommunications company Global Crossing Ltd. and Global Crossing Holdings Ltd.
The offer includes $250 million cash and the rest in secured notes, junior preferred stock and warrants. According to XO, its bid increases proceeds for Global Crossing creditors by $100 million vs. the current bid by Singapore Technologies Telemedia PTE LTD., which offered to buy 61 percent of the company for $250 million.
XO itself emerged from bankruptcy earlier this year, and earlier this week, Nate Davis, its president and chief operating officer, resigned.
