The creditors of Global Crossing have reached a deal with two Asian companies [Hutchison Whampoa of Hong Kong and Singapore Technologies Telemedia Ltd.] interested in acquiring its assets, with the accord expected to open the way for more bidders. ... Global Crossing could now be auctioned by early July. The deal makes a liquidation of Global Crossing's assets more remote and eases concern over that possibility among employees and some creditors.

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2 Asian Companies Reach Deal to Acquire Global Crossing