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NYSE Suspends Trading In Global Crossing Ltd. Moves To Remove From The List

Date 28/01/2002

The New York Stock Exchange announced today that it determined that the common stock of Global Crossing Ltd. (the "Company")-- ticker symbol GX - should be suspended immediately. The Company has a right to a review of this determination by a Committee of the Board of Directors of the Exchange (the "Committee"). Application to the Securities and Exchange Commission to delist the issue is pending the completion of applicable procedures, including any appeal by the Company of the NYSE staff's decision.

The Exchange's action is being taken in view of the Company's January 28, 2002 announcement that the Company and certain of its affiliates commenced Chapter 11 cases in the United States Bankruptcy Court for the Southern District of New York with coordinated proceedings in the Supreme Court of Bermuda. In connection with the filings, the Company had signed a letter of intent with Hutchinson Whampoa Limited and Singapore Technologies Telemedia Pte Ltd. for a proposed $750 million cash investment, subject to certain conditions, in exchange for a joint majority stake in the Company's equity, whereby "Existing common equity and preferred shareholders would not participate in the new capital structure". In addition, the Company has also fallen below the following NYSE continued listing standard: average closing price of a security is less than $1.00 over a consecutive 30 trading day period.

The NYSE noted that it may, at any time, suspend a security if it believes that continued dealings in the security on the NYSE are not advisable.