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Global Crossing Files for Bankruptcy

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HAMILTON, Bermuda, Jan. 29 -- Global Crossing Ltd. has filed for bankruptcy protection as two of its Asian business partners agreed to pay $750 million to assume control of the company as it reorganizes. The company said its worldwide operations will be unaffected by the bankruptcy filing and customers will continue to have service. Employees will be paid without interruption. If the bankruptcy plan is accepted, Global Crossing's chairman, Gary Winnick, will lose control of the company. Winnick, a former associate of Michael R. Milken, founded the company in Beverly Hills, Calif., in 1997....Read full article

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