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IDT Corp. Bids on Global Crossing

Photonics.com
Feb 2003
Newark, N.J., Feb. 27 -- Global Crossing said in a statement yesterday that it intends to complete its deal with Hutchison Whampoa and Singapore Technologies Telemedia despite IDT Corp.'s offer to buy the bankrupt telecommunications company for $255 million, in the interest of national security.

Melinda Tan, spokeswoman for Singapore Technologies Telemedia, In Singapore, told the Associated Press yesterday, "We have a definite agreement with Hutchison Whampoa approved by the bankruptcy court to take over Global Crossing. I do not think IDT will be entertained by the court."

IDT submitted a bid Tuesday to the representatives of Global Crossing's bankrupt estate. IDT said in a press release that selling Global Crossing to a foreign telecommunications company, "especially one based in communist-controlled China, would give the country access to some of our government's and major corporations' most sensitive phone conversations."

Jim Courter, IDT CEO and vice chairman, added, "We believe in Global Crossing's potential. The new management team has started to turn the company around. And we believe that Global Crossing's network would be highly synergistic with IDT's local, long distance and data services. IDT is currently one of Global Crossing's top customers. And we believe that the purchase should be accretive to IDT's bottom line."

For more information, visit: www.idt.net



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