NEW YORK (Bloomberg) - Global Crossing Ltd., the telecommunications provider that survived one of the biggest US corporate bankruptcies, said its second-quarter loss narrowed on an increase in sales, sending its shares up as much as 9.7 percent in Nasdaq trading.

The loss shrank to $88 million from $100 million a year earlier, Hamilton, Bermuda-based Global Crossing said yesterday in a statement. Sales jumped 19 percent to $653 million.

Global Crossing benefited from the acquisition of Impsat Fiber Networks Inc. for $347 million in 2007. Costs related to acquisitions and investments in fibre optics have resulted in losses. Sales increased for the seventh consecutive quarter.

The company maintained its forecast for 2008 sales of $2.57 billion to $2.68 billion and cash earnings before interest, taxes, depreciation and amortisation of $320 million to $380 million.

Global Crossing, which operates out of Florham Park, New Jersey, gained 94 cents, or 5.7 percent, to $17.35 at 9.56am New York time in Nasdaq Stock Market trading. Earlier, they reached $18 for the biggest intraday gain since May 1. The shares fell 26 percent this year before yesterday.

The company emerged in 2003 from what was at the time the fourth-largest bankruptcy by assets.