Several new writs have been filed in the Bermuda Supreme Court concerning four Global Crossing subsidiaries.

The writs were filed in the matter of the Companies Act 1981 and listed Appleby Spurling and Kempe (AS&K) as the attorney. Calls to AS&K were not returned yesterday.

The companies named were Global Crossing Holdings Ltd., Pac Panama Ltd., South America Crossing Ltd. and Global Crossing Intellectual Property Ltd.

In January, writs were filed in the supreme court for several Global Crossing subsidiaries including Atlantic Crossing Ltd., Atlantic Crossing Holding Ltd., South America Crossing Holding Ltd., Mid-Atlantic Crossing Ltd., Global Crossing Network Centre Ltd., Pan American Crossing Holdings Ltd., Global Crossing Ltd., Global Crossing International Ltd., Global Crossing Holdings Ltd., Atlantic Crossing II Ltd., Mid-Atlantic Crossing Holdings Ltd., and Pan American Crossing Ltd.

Several days later, legal notices appeared in the local media to wind up the above companies.

On August 9, it was announced that Global Crossing was being sold for $250 million to Hutchison Whampoa of Hong Kong and Singapore Technologies, much lower than an initial offer of $750 million. The deal was approved by the judge overseeing Global Crossing's bankruptcy case.

Under the original deal with the two Asian firms, announced in January with the bankruptcy filing, Global Crossing's debtholders would have split $300 million in cash and an additional $800 million in new notes from the company.

Now they will still get $300 million in cash, but only $200 million in notes. They will, however, retain a larger stake of the equity in the new firm: 38.5 percent rather than the 21 percent envisioned under the earlier deal.

Meanwhile, although Hutchison and Singapore will receive a smaller controlling stake - 61.5 percent instead of the 79 percent stake rejected in the first deal - they will only being paying $125 million each in cash rather than the combined $750 million they were willing to pay in January. Owners of Global Crossing stock will receive no stake in the reorganised company. Lawyers for Global Crossing told the court last month that the company expects to file a Chapter 11 plan of reorganisation this month and to emerge from bankruptcy in early 2003, subject to satisfying various contractual and regulatory conditions.

Global Crossing, which was founded by investment banker Gary Winnick in 1997, piled up its debt building a vast worldwide communications network at the height of the Internet boom.

That state-of-the-art network spans 100,000 miles, connecting more than 200 cities in 27 countries around the world.

One of Global Crossing's most valuable assets is its 59 percent stake in Asia Global Crossing, which operates unrivalled fibre-optic links between Japan, Taiwan, South Korea, Singapore, Malaysia, the Philippines and potentially China.