Global Crossing still looking for buyer

Hutchinson Whampoa and Singapore Technologies Telemedia have ended talks to buy telecoms company Global Crossing Ltd.

The two companies had bid $750m (€815m) for 79% of the assets of Global Crossing but creditors of the company said the price was too low, in view of the fact that Global Crossing has $22.4bn (€24.3bn) in assets.

There are other companies interested in buying all or part of Global Crossing. Bids for the company must be received by June 20 and a final auction will be held on July 8.

Global Crossing filed for bankruptcy in January.

In Ireland Global Crossing's operations are continuing.

It provides one third of Ireland's international broadband capacity and fibre optic cable links its station at Citywest Business Park with Europe and the USA.

The Government has invested more than €50m in the company.