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SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
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FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934
Date of report (Date of earliest event reported) July 11, 2000
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GLOBAL CROSSING LTD.
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(Exact Name of Registrant as Specified in Charter)
Bermuda 000-24565 98-0189783
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(State or Other Jurisdiction (Commission (IRS Employer
of Incorporation) File Number) Identification No.)
Wessex House, 45 Reid Street, Hamilton HM12 Bermuda
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(Address of Principal Executive Offices) (Zip Code)
Registrant's telephone number, including area code (441) 296-8600
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NOT APPLICABLE
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(Former Name or Former Address, if Changed Since Last Report)
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Item 5. Other Events.
On July 11, 2000, Global Crossing Ltd. ("Global Crossing"), Global Crossing
North America, Inc. and Citizens Communications Company ("Citizens") entered
into a Stock Purchase Agreement (the "Stock Purchase Agreement") providing for,
among other things, the sale of Global Crossing's incumbent local exchange
carrier ("ILEC") business, acquired as part of its acquisition of Frontier
Corporation last fall, to Citizens for $3.65 billion in cash, subject to
adjustments concerning closing date liabilities and working capital balances as
described in the Stock Purchase Agreement. A copy of the Stock Purchase
Agreement is attached hereto as Exhibit 2 and is incorporated herein by
reference.
A copy of the Global Crossing press release, dated July 12, 2000, is attached
hereto as Exhibit 99 and is incorporated herein by reference.
Item 7. Financial Statements and Exhibits.
The following exhibits are filed as part of this Current Report on Form
8-K:
Exhibit Number Exhibit
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2 Stock Purchase Agreement, dated as of July
11, 2000, by and among Global Crossing
Ltd., Global Crossing North America,
Inc. and Citizens Communications
Company
99 Press Release of Global Crossing,
Ltd. dated July 12, 2000
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SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, as
amended, the registrant has duly caused this report to be signed on its behalf
by the undersigned hereunto duly authorized.
GLOBAL CROSSING LTD.
/s/ Dan J. Cohrs
By:_________________________________________
Name: Dan J. Cohrs
Title: Senior Vice President
and Chief Financial Officer
Dated: July 19, 2000
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Exhibit Index
Exhibit
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Number Description
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2 Stock Purchase Agreement, dated as of July 11, 2000, by and among
Global Crossing Ltd., Global Crossing North America, Inc. and
Citizens Communications Company
99 Press Release of Global Crossing Ltd., dated July 12, 2000
