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In Another Big Bankruptcy, a Fiber Optic Venture Fails

Time: 17:55 EST/22:55 GMT | News Source: Associated Press | Posted By: Guillaume H�bert

Global Crossing, which spent five years and $15 billion to build a worldwide network of high-speed Internet and telephone lines, filed for bankruptcy protection. Global Crossing Ltd., which spent five years and $15 billion to build a worldwide network of high-speed Internet and telephone lines, filed for bankruptcy protection yesterday, unable to find enough customers to make its network profitable. The company had attracted many notable business and political figures as investors, including Terry McAuliffe, chairman of the Democratic National Committee, who profited by selling Global Crossing stock before it declined.

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