Global Crossing Says Net Loss Narrowed
Saying its business has stabilized, Global Crossing Ltd. reported a slightly narrower net loss in August from the previous month on sales that edged up 2.4% from July.
The long-distance fiber-optic network builder said in its monthly operating report that it lost $138 million, or 16 cents a share, in August, compared with a loss of $145 million, or 16 cents a share, in July. Revenue dropped to $249 million from $255 million.
More important, as it seeks Bankruptcy Court approval of its plan to reorganize its $12.4 billion in debts, Global has curbed its spending and retained a large chunk of cash to help it get through the bankruptcy process.
It had $614 million in cash on hand at the end of August, down from $677 million a month earlier.
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