Global Crossing timeline
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Key events in the history of Global Crossing Ltd.
1997: Founded by Los Angeles financier Gary Winnick
1998: Raises $400 million in an initial public stock offering
1999: Buys long-distance company Frontier Communications, British network operator Racal Telecom, and Cable & Wireless Global Marine, an underwater cable construction and maintenance firm
2000: Affiliate Asia Global Crossing raises $455 million in initial public stock offering and $408 million in a debt offering. Global keeps 57% stake.
2001: Struggling with debt and financial losses, the company lays off more than 2,000 employees and closes 100 of 600 offices worldwide.
2002: Global Crossing files for bankruptcy; Winnick resigns as chairman.
2003: Global Crossing emerges from bankruptcy after Singapore Technologies Telemedia pays $250 million for a 61.5% stake in the company.
2004: Winnick and other former executives and directors agree to pay $324 million to settle lawsuits filed by investors and former employees who lost billions when the firm fell into bankruptcy.
2005: Citigroup agrees to pay $75 million to settle a lawsuit brought by investors over its role in the collapse of Global Crossing.
2006: Goldman, Sachs & Co., Merrill Lynch & Co. and CIBC World Markets agree to pay $99 million to settle a securities fraud lawsuit by shareholders of Global Crossing.
April 11, 2011: Level 3 Communications announces it will buy Global Crossing for $2 billion.
Times research by Scott J. Wilson
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