Hutch offers a crewcut to Global Crossing

Hutchison and Singapore Technologies full offer for Global Crossing was filed in New York yesterday.

The full details of Hutchison Whampoa and Singapore Technologies joint bid for former US telecoms darling, Global Crossing just became clear, when a public document was filed with the New York bankruptcy court.

Hutch and Singapore Technologies want to buy 79% of the bankrupt US company for $750 million. However, in earlier statements it was not made clear what sort of haircut creditors would have to agree to take on the debt.

Bankers say Global Crossing has around $7 billion of debt that needs to face a haircut. Accordingly, Hutch and Singapore Technologies will offer the banks and bondholders a deal that offers them a small amount of cash plus a strong equity kicker....

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