Two Asian companies that failed in a previous bid to buy Global Crossing Ltd. after it filed for bankruptcy in January have succeeded in obtaining a majority investment in the company in a deal valued at $750 million.

As a result of the agreement, Global Crossing has cancelled the auction scheduled for August 14, 2002.

GC CEO: "Global Crossing is poised to become the global leader providing networking services to enterprises and carrier customers in more than 200 of the world's top cities."