Monday, January 16, 2006

Pacific Crossing Emerges from Chapter 11

Pacific Crossing Ltd, Inc., a former subsidiary of Global Crossing and of the former Asia Global Crossing (now Asia Netcom), has emerged from Chapter 11 bankruptcy proceedings. Over $650 million of existing debt was converted into equity and $25 million in secured debt.

Pacific Crossing Limited owns and operates the PC-1 cable, a 13,076 route-mile submarine fiber optic cable between the United States and Japan. It also owns and operates cable landing stations in Shima, Japan; Ajigaura, Japan; Grover Beach, California; and Mukilteo, Washington.

Pacific Crossing said it currently has over 120 Gbps of capacity available for sale and immediate delivery, and 460 Gbps available in upgrade capacity.

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