Global Crossing Limited , was a telecommunications company that provided computer networking services and operated a tier 1 carrier . It maintained a large backbone network and offered peering , virtual private networks , leased lines, audio and video conferencing, long-distance telephone, managed services , dialup , colocation centres and VoIP . Its customer base ranged from individuals to large enterprises and other carriers, with emphasis on higher-margin layered services such as managed services and VoIP with leased lines. Its core network delivered services to more than 700 cities in more than 70 countries.
57-556: GLBC may refer to: The stock ticker symbol GBLC, for Global Crossing Great Lakes Bible College , a private Christian university in Waterloo, Ontario, Canada Great Lakes Christian College (formerly Great Lakes Bible College), a private Christian university in Delta Township, Michigan, United States Great Lakes Brewing Company Google Local Business Center Topics referred to by
114-502: A "Vision Fund 2", excluding participation from the Saudi Arabia government and including investors Apple, Foxconn, Microsoft and others. The fund is reported to focus on AI-based technology and invest approximately $ 108 billion, including $ 38 billion of its own funds. In February 2020, however, a report from Wall Street Journal stated the fund would only up with less than half of that capital. On 8 June 2017, Alphabet Inc. announced
171-519: A $ 2.5 billion stake in Softbank and pushed for restructuring and more transparency, especially regarding its Vision Fund. Consequently, plans for a second Vision Fund were pushed back. In November 2019, it was announced that Line Corp. and Z Holdings were going to be a new subsidiary under Naver Corporation and SoftBank Group, their respective owners. The closing was delayed until March 2021 due to COVID-19. In March 2020, SoftBank announced that it
228-676: A $ 300 million SPAC in 2021, listing in Amsterdam. In July 2021, Softbank announced that it would acquire the Yahoo Japan brand from Verizon Communications for $ 1.6 billion. In August 2021, Son said he would begin to make personal investments alongside Softbank Group's Vision Fund 2 . In August 2022, Softbank said that it sold its entire Uber holdings in April–July 2022. It was also reported that Softbank exited Opendoor in that quarter. Five years after Masayoshi Son’s $ 100 billion fund entered
285-563: A $ 300m stake in WeWork. On 14 February 2017, SoftBank Group agreed to buy Fortress Investment Group LLC for $ 3.3 billion. In February 2017, it was announced that Social Finance Inc. was close to raising $ 500 million from an investor group led by Silver Lake , including Softbank. On 28 March 2017, the Wall Street Journal reported that SoftBank Group Corporation had approached Didi Chuxing Technology Co. about investing $ 6 billion to help
342-662: A 40% stake in AutoStore for $ 2.8 billion and in July 2021, it announced it would invest $ 870 million in the Korean hotel booking platform Yanolja. In May 2021, Softbank stated it would sell SB Energy India to Adani Green Energy, valuing the unit at $ 3.5 billion. The sale is speculated to mark a shift in the company's trajectory, moving away from investments in solar energy towards companies dealing with artificial intelligence. Later that month, Bloomberg reported that Vision Fund could go public via
399-767: A 51% stake in Supercell for a reported $ 2.1 billion. Later on 25 October 2014, they invested $ 210 million in OlaCabs , $ 627 million in Snapdeal with a 30% stake in the company on 28 October 2014, and a $ 100 million investment in Housing.com for a 30% stake in November 2014. In 2013, the company bought a controlling stake in French company Aldebaran Robotics, which was rebranded SoftBank Robotics. In 2014, teams from both companies co-designed Pepper ,
456-474: A dominant site in the country. In another highly publicized investment, SoftBank bought 80% of memory manufacturers Kingston Technology in 1996. When the owners-founders (John Tu and David Sun) announced plans to distribute $ 100,000,000 of the $ 1.5B windfall to Kingston employees, it created a very high-profile media stir that lasted well through the 1996 Christmas season; it was on all US networks, as well as international media. A few years later, in 1999, after
513-485: A humanoid robot. In 2015, SoftBank increased its stake to 95%. In 2015, SoftBank acquired DramaFever . In May 2015, Masayoshi Son said he would appoint Nikesh Arora , a former Google executive, as Representative Director and President of SoftBank. Arora had been heading SoftBank's investment arm. On 1 June 2015, SoftBank acquired an additional 22.7% stake in Supercell, increasing its total stake to 73.2% and becoming
570-489: A move that would boost both companies' revenues without costing them anything. The transaction did not materialize. In October 2001, Casey was replaced by John Legere , the CEO of Global Crossing subsidiary Asia Global Crossing. In the fourth quarter of 2001, the company lost $ 3.4 billion on revenue of $ 793 million. In January 2002, the company filed bankruptcy . It listed total assets of $ 22.4 billion and debts of $ 12.4 billion and
627-1218: A multitude of markets and industries ranging from the internet to automation. With over $ 100 billion in capital at its onset, SoftBank's Vision Fund is the world's largest technology-focused venture capital fund. Fund investors included sovereign wealth funds from countries in the Middle East . The company is known for the leadership of its controversial founder and largest shareholder Masayoshi Son . Its investee companies, subsidiaries and divisions, including several unprofitable unicorns , operate in robotics, artificial intelligence, software, logistics, transportation, biotechnology, robotic process automation , proptech , real estate, hospitality, broadband , fixed-line telecommunications, e-commerce , information technology , finance, media and marketing, and other areas. Among its most internationally recognizable current stockholdings are stakes in Arm (semiconductors), Alibaba (e-commerce), OYO Rooms (hospitality), WeWork (coworking) and Deutsche Telekom (telecommunications). SoftBank Corporation, its spun-out affiliate and former flagship business,
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#1732892097844684-652: A new subsidiary and brand from Yahoo! Japan, Ymobile Corporation . On 15 October 2012, SoftBank announced plans to take control of American Sprint Nextel by purchasing a 70% stake for $ 20 billion. On 6 July 2013, the United States Federal Communications Commission approved SoftBank's acquisition for $ 22.2 billion for a 78% ownership interest in Sprint. On 6 August 2013, SoftBank bought 2% more shares of Sprint Corporation, increasing its ownership stake to 80%. In October 2013, SoftBank acquired
741-463: A planned $ 200 billion project with SoftBank Group to build the world's biggest solar-power-generation project would be put on hold. In November 2018, SoftBank announced it would make an IPO of SoftBank Corp., the telecommunications operator, with the cost of share of $ 13.22 (which is 1,500 yen). The offer of the shares was going to last for a month. Regarding the number of shares, the total value of SoftBank Corp. will reach $ 21.15 billion, which would be
798-433: A record $ 36.99 billion profit from its Vision Fund unit and investment gains via the public market debut of Coupang . SoftBank Group's net profit was $ 45.88 billion (¥4.99 trillion). It was the largest recorded annual profit by a Japanese company in history. The same month, Softbank's Vision Fund 2 announced investment in the eToro SPAC merger PIPE of $ 650 million. In April 2021, Softbank announced plans to acquire
855-599: A record 14.2% of shares, valued at $ 4.4bn, to boost investor confidence. On 31 March 2016, they announced they would sell shares worth $ 7.9 billion of their stake in Alibaba Group. On 21 June 2016, SoftBank sold its 84% stake in Supercell for a reported US$ 7.3 billion to Tencent . On 3 June 2016, Softbank agreed to sell most of its stake in GungHo Online Entertainment (approximately 23.47%) for about $ 685 million, ending Softbank's majority ownership. The offer
912-420: A subsidiary of SBI's holding company, making SBI independent. On 1 October 2006, Vodafone Japan changed its corporate name and service brand name to "SoftBank Mobile" and "SoftBank" respectively. On 28 January 2008, it was announced that SoftBank and Tiffany & Co. collaborated in making a limited 10 model-only phone. This phone contains more than 400 platinum diamonds, totaling more than 20 carats. The cost
969-709: A value of US $ 40 billion in stock and cash. This would become the largest semiconductor acquisition to date. SoftBank Group would retain a 10% share in the company, while ARM would maintain its headquarters in Cambridge]]. But this deal collapsed due to regulatory hurdles. In December 2020, Hyundai Motor Group acquired an 80% stake of Boston Dynamics from SoftBank for approximately $ 880 million. SoftBank retains about 20% through an affiliate. In January 2021, SoftBank sold $ 2 billion in Uber Technologies shares through affiliate firm SB Cayman. In March 2021, SoftBank made
1026-509: Is different from Wikidata All article disambiguation pages All disambiguation pages Global Crossing Global Crossing was the first global communications provider with IPv6 natively deployed in both its private and public networks. It was legally domiciled in Bermuda and had its administrative headquarters in New Jersey . In 1999, during the dot-com bubble , the company
1083-481: Is said to be more than 100,000,000 yen. On 3 February 2010, SoftBank acquired 13.7% in Ustream . On 1 October 2010, Ayumi Hamasaki became the commercial spokesperson. On 3 October 2012, the takeover of competitor eAccess was announced. On 1 July 2013, SoftBank announced that Willcom was a wholly-owned subsidiary, after the termination of rehabilitation proceedings. eAccess was merged with Willcom, which resulted in
1140-549: Is the third-largest wireless carrier in Japan , with 45.621 million subscribers as of March 2021. SoftBank was ranked in the 2017 Forbes Global 2000 list as the 36th largest public company in the world and the second-largest publicly traded company in Japan after Toyota . The logo of SoftBank is based on the flag of the Kaientai , a naval trading company founded in 1865, near the end of
1197-526: The Public Investment Fund of Saudi Arabia (PIF), the kingdom's main sovereign wealth fund, partnered to create the Softbank Vision Fund, the world's largest private equity fund with a capital of $ 93 billion. Softbank Group contributed $ 28 billion to the investment fund, of which $ 8.2 billion came from the sale of approximately 25% of British multinational Arm Holdings shares. Saudi Arabia is
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#17328920978441254-551: The Tokugawa shogunate , by Sakamoto Ryōma . Although SoftBank does not affiliate itself to any traditional keiretsu , it has close ties with Mizuho Financial Group , its primary lender. SoftBank was founded in September 1981 as SOFTBANK Corp by then-24-year-old Masayoshi Son , initially as a software distributor. The company entered the publishing business in May 1982 with the launches of
1311-492: The 1990s, Son made large investments in Internet services and the so-called new economy in general. SoftBank bought COMDEX from The Interface Group on 1 April 1995 for $ 800 million and ZDI on 29 February 1996. SoftBank sold COMDEX to Key3Media, a spin-off of Ziff Davis , in 2001. In 1996, SoftBank formed a joint venture with American internet company Yahoo! , creating Yahoo! Japan (now LY Corporation ), which would become
1368-654: The 1990s. Winnick salvaged $ 735 million from his $ 20 million investment, although his interest was worth $ 6 billion on paper at its peak. In April 2002, Hutchinson Whampoa bought the company's 50% interest in the Hong Kong joint venture for $ 120 million. In November 2002, Global Crossing's Asian subsidiary, Asia Global Crossing, filed bankruptcy and sold its assets to Asia Netcom, a subsidiary of China Netcom . Between 1998 and 2001, Winnick sold approximately $ 420 million in company stock and other executives sold an additional $ 900 million in company stock. On December 9, 2003,
1425-595: The German used-car sales portal Auto1. On 1 March 2018, Softbank's Vision Fund led a $ 535 million investment in DoorDash . In May 2018, CEO Masayoshi Son revealed during an earnings presentation that Walmart had reached a deal to buy Flipkart. On 27 September 2018, Softbank announced the investment of $ 400 Million in Home-Selling Startup Opendoor . In September 2018, Saudi government officials announced that
1482-448: The Oh! PC and Oh! MZ magazines, about NEC and Sharp computers respectively. Oh!PC had a circulation of 140,000 copies by 1989. It would go on to become Japan's largest publisher of computer and technology magazines and trade shows. In 1994, the company went public , valued at $ 3 billion. In September 1995, SoftBank agreed to purchase US-based Ziff Davis publishing for $ 2.1 billion. In
1539-541: The Philippines. In November 1999, Global Crossing acquired Racal Telecom for $ 1.65 billion. In January 2000, the company formed a 50/50 joint venture with Hutchison Whampoa , valued at $ 1.2 billion, for a fiber-optic network in Hong Kong. In March 2000, Annunziata resigned, receiving $ 160 million during his 13-month tenure. Leo Hindery , who had joined the company a few months earlier as head of its web hosting division, GlobalCenter, then became CEO. In September 2000,
1596-531: The U.S. to Japan. Despite the massive layoffs, unpaid employees, and cancelled pensions as a result of the bankruptcy, executives received huge bonuses and loan relief. In August 2000, the company was involved in an attempted rescue of a Russian submarine during the Kursk submarine disaster . Global Crossing's undersea cable division contracted with British Defense Ministry to operate the LR5 rescue submersible. As part of
1653-489: The agreement, Global Crossing was to keep it on call for emergencies. SoftBank Group SoftBank Group Corp. ( ソフトバンクグループ株式会社 , SofutoBanku Gurūpu Kabushiki gaisha ) is a Japanese multinational investment holding company headquartered in Minato, Tokyo, Japan which focuses on investment management . The group primarily invests in companies operating in technology that offer goods and services to customers in
1710-493: The company acquired Frontier Communications , the former Rochester Telephone Corporation , for $ 9.9 billion and renamed it Global Crossing North America. That same month, Global Crossing acquired 49% of SB Submarine Systems, and formed Asia Global Crossing, a $ 1.3 billion joint venture with SoftBank Group and Microsoft to build a fiber-optic network in Asia linking Japan, China, Singapore, Hong Kong, Taiwan, South Korea, Malaysia and
1767-569: The company acquired Impsat, a leading Argentine telecommunications company. Global Crossing and Impsat have had a commercial relationship since 2000, when Global Crossing selected Impsat as one of its providers of Point of Presence (PoP) facilities for Global Crossing's Latin American network, known as South American Crossing. Impsat has also been a customer of Global Crossing in Latin America since 2000. In October 2011, Level 3 Communications acquired
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1824-452: The company announced a deal to sell GlobalCenter to Exodus Communications for $ 6.5 billion in stock. By the time the deal closed in January 2001, the stock was only worth $ 1.95 billion. Hindery then resigned as CEO and was replaced with Thomas Casey, a lawyer who came to Global Crossing from Merrill Lynch , where he was co-head of the global telecom investment banking group. For the year 2000,
1881-461: The company emerged from bankruptcy and on April 1, 2004, the company once again became a public company . In March 2004, Gary Winnick and other ex-executives settled lawsuits filed by investors and former employees accusing the executives of committing securities fraud by using improper accounting to inflate the company's revenue. In October 2006, the company announced the acquisition of UK-based Fibernet Corp. for £49.8 million. In May 2007,
1938-633: The company for $ 3 billion, including the assumption of $ 1.1 billion in debt. The company contributed $ 250,000 to each of the 2000 Republican National Convention and the 2000 Democratic National Convention and made major contributions to politicians of both parties. The company also courted politicians to invest in the company. The company hired lobbyist and former United States Assistant Attorney General Anne Bingaman, married to Democratic New Mexico Senator Jeff Bingaman , paying her $ 2.5 million between January and June 1999 to try to block licensing of an AT&T, MCI, and Sprint consortium to lay cable from
1995-457: The company lost $ 1.4 billion. In 2001, the company sold its local telephone operations and the Frontier name in 2001 to Frontier Communications for $ 3.65 billion in cash. In the summer of 2001, the company began discussing a transaction with Enron in which the company would pay Enron $ 650 million for its fiber-optic network in exchange for Enron paying the company $ 650 million to use the network,
2052-453: The financial world to much fanfare, Softbank’s venture firm was crumbling and on the verge of collapse. Its large venture vehicles struggled badly, performing in the bottom of the asset class, and many of Son’s closest associates in the effort had departed from the company. In February 2023, Toyota Tsusho announced that it had bought the controlling interest in SB Energy, which would become
2109-547: The first CEO of the company in the same year, but was replaced in March 1999 by Robert Annunziata, who had resigned as president of AT&T Corporation 's Business Services group to "build a company from start to finish". In May 1999, Global Crossing made an offer to acquire US West , but was outbid by Qwest . In July 1999, the company acquired Global Marine Systems , the undersea cable maintenance arm of Cable & Wireless , for $ 885 million. Later that year, in September 1999,
2166-603: The former manager of the bond desk of Drexel Burnham Lambert , and his Drexel colleagues who moved on to work at Canadian Imperial Bank of Commerce (CIBC): Abbott L. Brown, David L. Lee , and Barry Porter. In 1997, the company raised $ 35 million, including investments by Winnick and the CIBC Argosy Merchant Funds (later Trimaran Capital Partners ). Winnick was chairman of the company from 1997 until 2002. In 1998, he hired Lodwrick Cook , former CEO of Atlantic Richfield Company , as co-chairman. John Scanlon became
2223-514: The majority ownership due to a decision made by Softbank to sell off the stake to the local partner. For Q2 of 2020, the company's revenues were $ 12 billion. The firm announced that it would be arranging a new fund worth $ 555 million. The fund will be used to invest in various companies, including Amazon , Apple and Facebook . In September 2020, SoftBank Vision Fund 2 led a $ 100 million Series C round in Biofourmis. Also in September 2020, Softbank
2280-485: The market for memory softened substantially, SoftBank sold the company back at a loss to the original owners for about a third of the original price. In October 1999, SoftBank became a holding company . In 2000, SoftBank made its most successful investment – $ 20 million to a then-fledgling Chinese Internet venture called Alibaba . This investment turned into $ 60 billion when Alibaba went public in September 2014. In February 2000, SoftBank Ventures Asia
2337-470: The new T-Mobile's shares, while 43% of shares are held by Deutsche Telekom. The remaining 33% will be held by others. In May 2020, Alibaba 's co-founder and former CEO Jack Ma resigned from the board. In July 2020, SoftBank announced that it was considering selling or IPOing British chip designer Arm Holdings , which has been in a feud with the Chinese over control of its local subsidiary, but it did not have
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2394-788: The principal investor in the fund, its Public Investment Fund (PIF) agreed to inject $ 45 billion into the Vision Fund over 5 years, becoming its largest investor. Other investors include Apple , Qualcomm , Arm , Foxconn , Sharp , Larry Ellison and Mubadala . The latter agreed to invest $ 15 billion dollars in the fund, targeting artificial intelligence, communications infrastructure, financial technology, consumer internet, mobile computing and robotics. Through Softbank Vision Fund, CEO Masayoshi Son explained his intent to invest in all companies developing technologies emphasizing global artificial intelligence , including sectors such as finance or transportation. In July 2019, SoftBank announced creating of
2451-465: The programme was unveiled, Softbank share price rose almost 19%. The program included a plan to repurchase ¥2tn of its shares in addition to the ¥500bn buyback it promised 10 days prior. Combined, SoftBank would be repurchasing 45% of its stock. On April 1, 2020, Sprint completed its merger of Sprint Corporation and T-Mobile US,, which was majority-owned by Deutsche Telekom, leaving T-Mobile the parent company. The merger also led to Softbank holding 24% of
2508-619: The ride-hailing firm expand in self-driving car technologies, with the bulk of the money to come from SoftBank's planned $ 100 billion Vision Fund. On 18 May 2017, it was reported that Softbank had completed its single largest investment in India to date, investing $ 1.4 billion in Paytm . At the time, Softbank was also working on a takeover of Snapdeal by Flipkart . On 10 August 2017, Softbank invested $ 2.5 billion in Flipkart. On 27 May 2017, Softbank and
2565-523: The sale of Boston Dynamics (robotics companies whose products include BigDog ) to SoftBank Group for an undisclosed sum. On 25 August 2017, SoftBank finalized a $ 4.4 billion investment in WeWork. On 24 October 2017, Son announced the group would collaborate with Saudi Arabia to develop Neom , the new high-tech business and industrial city of the Saudi Kingdom. On 14 November 2017, Softbank agreed to invest $ 10 billion into Uber . On 29 December 2017, it
2622-404: The same term [REDACTED] This disambiguation page lists articles associated with the title GLBC . If an internal link led you here, you may wish to change the link to point directly to the intended article. Retrieved from " https://en.wikipedia.org/w/index.php?title=GLBC&oldid=875676871 " Category : Disambiguation pages Hidden categories: Short description
2679-696: The second-largest IPO ever made. In December 2018, SoftBank invested in ParkJockey . The startup attempts to monetize parking lots. After the investment round, general valuation of the ParkJourney reached $ 1 billion. In December 2018, SoftBank announced its intention to invest $ 1 billion on ride-hailing startup Grab . Some sources said that the total amount of investment could reach $ 1.5 billion. On September 25, 2019, Softbank Robotics launched Whiz robotic vacuum cleaner in Singapore. In September 2019, WeWork's IPO
2736-466: The sole external shareholder of the company. In June 2015, SoftBank announced it would invest US$ 1 billion in the Korean e-commerce website Coupang as part of its overseas expansion plans. In July 2015, SoftBank announced the renaming of the company from SoftBank Corp to SoftBank Group Corp. Meanwhile, SoftBank Mobile was renamed to SoftBank Corp, the now-former name of the company as a whole. On 16 February 2016, SoftBank announced they would repurchase
2793-544: The then United States President-elect Donald Trump , chief executive Masayoshi Son announced SoftBank would be investing US$ 50 billion in the United States toward businesses creating 50,000 new jobs. On 30 January 2017, the Wall Street Journal wrote that SoftBank Group was "weighing an investment of well over $ 1 billion in shared-office space company WeWork , in what could be among the first deals from its new $ 100 billion technology fund." On 20 March, SoftBank bought
2850-424: Was canceled. In December 2019, Softbank sold its interest in dog-walking startup Wag at a loss. Tadashi Yanai , Fast Retailing 's CEO and Japan's richest man at the time, left the board after 18 years. In January 2020, multiple Softbank-funded startups started cutting their staff, including Getaround , Oyo, Rappi , Katerra and Zume . In February 2020, Elliott Management , an activist hedge fund, bought
2907-449: Was completed by 22 June. In June 2016, Nikesh Arora stepped down amidst pressure from investors. Board member Ron Fisher and Baer Capital Partners founder Alok Sama undertook Arora's overseas investment duties. One month later, Son announced the company's largest deal ever to buy British chip designer Arm Holdings for more than US$ 32 billion. This acquisition was completed on 5 September 2016. On 6 December 2016, after meeting with
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#17328920978442964-691: Was founded under the leadership of Masayoshi Son to focus on investment in Korean-based Internet companies. On 28 January 2005, SoftBank became the owner of the Fukuoka SoftBank Hawks , a Nippon Professional Baseball team. On 17 March 2006, SoftBank announced its agreement to buy Vodafone Japan , giving it a stake in Japan's $ 78 billion mobile markets. In April 2006, SoftBank purchased a 23% stake in Betfair , an Internet betting exchange. In August 2006, SoftBank sold all its shares of SBI Group to
3021-456: Was identified as the Nasdaq whale, where it bought stock options valued in the billions, betting on higher prices for the biggest technology companies. That month, SoftBank sold Brightstar Corporation to Brightstar Capital Partners for an undisclosed amount. American chip design company Nvidia announced plans on September 13, 2020, to acquire ARM from SoftBank, pending regulatory approval, for
3078-431: Was launching an emergency ¥4.5tn ($ 41bn) asset sale to fund a share buyback and debt reduction. The effort was initiated by Son in order to stem a collapse in the company’s share price due to the pandemic, "This programme will be the largest share buyback and will result in the largest increase in cash balance in the history of SBG [SoftBank Group], reflecting the firm and unwavering confidence we have in our business.". After
3135-424: Was paying annual interest of $ 600 million. As part of the bankruptcy, Hutchison Whampoa and ST Telemedia agreed to invest $ 750 million in the company. Hutchinson Whampoa later pulled out of the deal due to regulatory resistance. CIBC realized an estimated gain of $ 2 billion from its relatively small equity investment in the company, making it one of the most profitable investments by a financial institution in
3192-539: Was reported that a SoftBank-led consortium had invested $ 9 billion into Uber. The deal, to close in January 2018, would leave SoftBank as Uber's biggest shareholder, with a 15 percent stake. The deal was secured after Uber shareholders voted to "sell their shares to the Japanese conglomerate at a discounted price." Beyond SoftBank, consortium members included Dragoneer , Tencent, TPG and Sequoia . On 14 January 2018, Softbank's Vision Fund announced to invest $ 560 million in
3249-419: Was valued at $ 47 billion, but it never had a profitable year. In 2002, the company filed for one of the largest bankruptcies in history and its executives were accused of covering up an accounting scandal . On October 3, 2011, Global Crossing was acquired by Level 3 Communications for $ 3 billion, including the assumption of $ 1.1 billion in debt. In March 1997, Global Crossing was founded by Gary Winnick ,
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