PHOENIX, April 22 -- Pivotal Private Equity announced yesterday it has signed an agreement to acquire the assets of Pacific Crossing Ltd. (PCL) and its subsidiaries for $63 million.
PCL, a former subsidiary of Global Crossing, operates the PC-1 fiber optic telecommunications network connecting Japan with the US. The network, which will be acquired from Pacific Crossing Limited, PC Landing Corp., Pacific Crossing UK Ltd. and PCL Japan Ltd., was completed in 2000 at a cost of more than $1.35 billion and provides a variety of voice, Internet and data communications services.
PCL and its subsidiaries filed for Chapter 11 protection with the US Bankruptcy Court for the district of Delaware on July 19, 2002.
According to papers filed yesterday, PCL has requested approval of procedures to govern the sale of its assets to Pivotal Telecom LLC, an entity formed by Pivotal Private Equity for the purpose of acquiring the PCL system, or to a higher bidder.
PCL has requested that the bankruptcy court schedule an open auction for qualified bidders on May 21 and a hearing to approve the winning bidder on May 28. The transaction is scheduled to close by the end of this year.
For more information, visit: www.pivotalgroup.com