FLORHAM PARK, N.J.,
July 12, 2011 /PRNewswire/ -- Global
Crossing Limited ("Global Crossing") (NASDAQ: GLBC) announced today
that it and Level 3 Communications, Inc. ("Level 3") (NASDAQ: LVLT)
have received from the U.S. Department of Justice a request for
additional information (commonly referred to as a "second request")
under the Hart-Scott-Rodino Antitrust Improvements Act of 1976 with
respect to Level 3's previously-announced acquisition of Global
Crossing. Global Crossing intends to respond to the second
request appropriately.
Global Crossing continues to expect that the transaction will
close on the previously announced schedule.
ABOUT GLOBAL CROSSING
Global Crossing (NASDAQ: GLBC) is a leading global IP, Ethernet,
data center and video solutions provider with the world's first
integrated global IP-based network. The company offers a full
range of data, voice, collaboration, broadcast and media services
delivered with superior customer service.
Global Crossing provides services to enterprises (including
approximately 40 percent of the Fortune 500); government
departments and agencies; and 700 carriers, mobile operators and
ISPs. It delivers converged IP services to more than 700
cities in more than 70 countries, and has 17 world-class data
centers in major business centers around the globe.
Please visit www.globalcrossing.com for more information about
Global Crossing.
Website Access to Company Information
Global Crossing maintains a corporate website at
www.globalcrossing.com, and you can find additional information
about the company through the Investors pages on that website at
http://investors.globalcrossing.com. Global Crossing utilizes
its website as a channel of distribution of important information
about the company. Global Crossing routinely posts financial
and other important information regarding the company and its
business, financial condition and operations on the Investors web
pages.
Visitors to the Investors web pages can view and print copies of
Global Crossing's SEC filings, including periodic and current
reports on Forms 10-K, 10-Q, 8-K, and in respect of GCUK's Forms
20-F and 6-K, as soon as reasonably practicable after those filings
are made with the SEC. Copies of the charters for each of the
standing committees of Global Crossing's Board of Directors, its
Corporate Governance Guidelines, Ethics Policy, press releases and
analysts presentations are all available through the Investors web
pages.
Please note that the information contained on any of Global
Crossing's websites is not incorporated by reference in, or
considered to be a part of, any document unless expressly
incorporated by reference therein.
IMPORTANT INFORMATION FOR INVESTORS
This communication shall not constitute an offer to sell or the
solicitation of an offer to buy any securities or a solicitation of
any vote or approval. The proposed amalgamation involving
Level 3 Communications, Inc. ("Level 3") and Global Crossing
Limited ("Global Crossing") announced on April 11, 2011 has been submitted to the
stockholders of Level 3 and the stockholders of Global Crossing for
their consideration. Level 3 and Global Crossing have filed
with the SEC a registration statement on Form S-4 that includes a
joint proxy statement of Level 3 and Global Crossing that also
constitutes a prospectus of Level 3, and may in the future file
with the SEC other relevant documents concerning the proposed
transaction. Level 3 and Global Crossing have each provided
the final joint proxy statement/prospectus to its respective
stockholders. Investors and security holders are urged to
read the registration statement and the joint proxy
statement/prospectus and any other relevant documents filed with
the SEC when they become available, as well as any amendments or
supplements to those documents, because they contain and will
contain important information about Level 3, Global Crossing and
the proposed transaction. Investors and security holders may
obtain a copy of the registration statement and joint proxy
statement/prospectus, as well as other filings containing
information about Level 3 and Global Crossing, free of charge at
the SEC's Web Site at http://www.sec.gov. In addition, the joint
proxy statement/prospectus, the SEC filings that are or will be
incorporated by reference in the joint proxy statement/prospectus
and the other documents filed or to be filed with the SEC by Level
3 may be obtained free of charge by directing such request
to: Investor Relations, Level 3, Inc., 1025 Eldorado
Boulevard, Broomfield, Colorado 80021 or from Level 3's
Investor Relations page on its corporate website at
http://www.Level3.com and the joint proxy statement/prospectus, the
SEC filings that are or will be incorporated by reference in the
joint proxy statement/prospectus and the other documents filed or
to be filed with the SEC by Global Crossing may be obtained free of
charge by directing such request to: Global Crossing by telephone
at (800) 836-0342 or by submitting a request by e-mail to
glbc@globalcrossing.com or a written request to the Secretary,
Wessex House, 45 Reid Street, Hamilton HM12 Bermuda or from Global Crossing's Investor
Relations page on its corporate website at
http://www.globalcrossing.com.
Level 3, Global Crossing and their respective directors,
executive officers, and certain other members of management and
employees may be deemed to be participants in the solicitation of
proxies in favor of the proposed transaction from the stockholders
of Level 3 and from the stockholders of Global Crossing,
respectively. Information about the directors and executive
officers of Level 3 is set forth in the proxy statement on Schedule
14A for Level 3's 2011 Annual Meeting of Stockholders, which was
filed with the SEC on April 4, 2011
and information about the directors and executive officers of
Global Crossing is set forth in the proxy statement on Schedule 14A
for Global Crossing's 2011 Annual General Meeting of Shareholders,
which was filed with the SEC on April 29,
2011. Additional information regarding participants in the
proxy solicitation may be obtained by reading the joint proxy
statement/prospectus regarding the proposed transaction.
This press release contains statements about expected future
events and financial results that are forward looking and subject
to risks and uncertainties that could cause the actual results to
differ materially, including: the failure to occur of any condition
to the closing of the acquisition of Global Crossing by Level 3 and
uncertainties as to the timing of the closing; the failure to
achieve or any delay in achieving expected synergies and other
financial benefits from the acquisition; changes in Global
Crossing's risk profile resulting from the acquisition; limitations
on Global Crossing's financial and operational flexibility that
arise under the covenants in the amalgamation agreement that could
restrict it from taking advantage of opportunities to strategically
enhance its business or improve its capital structure; delays or
reductions in purchases from Global Crossing by customers because
of their perceived uncertainty about its ability to meet their
needs after closing of the acquisition; disruptions in Global
Crossing's business due to current and prospective employees
experiencing uncertainty about their future roles with the company
and the diversion of their time and attention from ongoing business
operations; Global Crossing's history of substantial operating
losses and the fact that, in the near term, funds from operations
will not satisfy cash requirements; the availability of future
borrowings in an amount sufficient to pay Global Crossing's
indebtedness and to fund its other liquidity needs; legal and
contractual restrictions on the inter-company transfer of funds by
Global Crossing's subsidiaries; Global Crossing's ability to
continue to connect its network to incumbent carriers' networks or
maintain Internet peering arrangements on favorable terms; the
consequences of any inadvertent violation of Global Crossing's
Network Security Agreement with the U.S. Government; increased
competition and pricing pressures resulting from technology
advances and regulatory changes; competitive disadvantages relative
to competitors with superior resources; political, legal and other
risks due to Global Crossing's substantial international
operations; risks associated with movements in foreign currency
exchange rates; risks related to restrictions on the conversion of
the Venezuelan bolivar into U.S. dollars and to the resultant
buildup of a material excess bolivar cash balance, which is carried
on Global Crossing's books at the official exchange rate,
attributing to the bolivar a value that is significantly greater
than the value that would prevail on an open market; potential
weaknesses in internal controls of acquired businesses, and
difficulties in integrating internal controls of those businesses
with Global Crossing's own internal controls; exposure to
contingent liabilities; and other risks referenced from time to
time in Global Crossing's filings with the Securities and Exchange
Commission. Global Crossing undertakes no duty to update
information contained in this press release or in other public
disclosures at any time.
CONTACT GLOBAL CROSSING:
Press Contacts
Michael Schneider
+ 1 973 937 0146
Michael.Schneider@globalcrossing.com
Analysts/Investors Contact
Mark Gottlieb
+ 1 800 836 0342
glbc@globalcrossing.com
IR/PR1
SOURCE Global Crossing