en.wikipedia.org/wiki/Global_Crossing
2 corrections found
On October 3, 2011, Global Crossing was acquired by Level 3 Communications
The acquisition closed on October 4, 2011, not October 3, 2011.
Full reasoning
Level 3's SEC filing says the amalgamation with Global Crossing was completed on October 4, 2011. The same filing also says that on October 4, 2011, Global Crossing became a wholly owned indirect subsidiary of Level 3.
So the article's specific closing date is off by one day. October 3, 2011 was the last trading day used for certain valuation calculations in later accounting disclosures, but the acquisition itself closed on October 4, 2011.
1 source
- Level 3 Communications – Events Associated with the Amalgamation of Global Crossing (SEC)
On October 4, 2011, a subsidiary of Level 3 completed its amalgamation with Global Crossing, which became a wholly owned indirect subsidiary of the Company through a tax free, stock for stock transaction.
sold its assets to Asia Netcom, a subsidiary of China Netcom.
At the time of the asset sale, Asia Netcom was owned by a consortium that included China Netcom International, not simply a subsidiary of China Netcom.
Full reasoning
Global Crossing's 2003 Form 10-K describes Asia Netcom as "an investment vehicle that was wholly-owned by a consortium consisting of China Netcom International Limited, Newbridge Capital LLC and SB Asia Infrastructure Fund L.P." That directly contradicts the article's description of Asia Netcom as merely "a subsidiary of China Netcom."
So while China Netcom interests were involved in the purchase, the buyer was not a China Netcom subsidiary in the simple sense stated here; it was a consortium-owned vehicle.
1 source
- Global Crossing Limited – Form 10-K for 2003 (SEC)
On March 10, 2003, Asia Netcom Corporation Limited (“Asia Netcom”), an investment vehicle that was wholly-owned by a consortium consisting of China Netcom International Limited (“China Netcom”), Newbridge Capital LLC and SB Asia Infrastructure Fund L.P., purchased substantially all of the assets of Asia Global Crossing in a sale pursuant to Section 363 of the Bankruptcy Code.