Debt-ridden undersea cable operator Asia Global Crossing is hoping to raise US$250 million from 'multiple' interested parties to help escape bankruptcy.
Asia Global Crossing chief executive Jack Scanlon said it was trying to raise debt and equity financing under a restructuring plan. The company had received 'multiple' refinancing proposals but refused to identify the bidders.
Purple Communications of Hong Kong and China Netcom Group were said to be among the bidders but Mr Scanlon refused to comment.
'Multiple is multiple. There's more than two,' he said on Tuesday.
However, Mr Scanlon said the bids were not exclusively from Asia and comprised both strategic and financial investors who viewed Asia Global Crossing as an ongoing concern rather than a collection of assets to be broken up and sold.
'They wouldn't be talking to us unless they felt that there is a chance for this group to be last man standing in Asia, which is the highest potential market going forward,' Mr Scanlon said.
An Asia Global Crossing spokeswoman said the company was in discussions with bidders on terms of its restructuring plans.