News Briefs February 2003

Posted: 2/2003

News Briefs

* WilTel Communications Group
Inc. has cleared the regulatory hurdles necessary to operate with a new
investor. The company, after emerging from bankruptcy last fall, began trading
in December on the Nasdaq National Market under the symbol WTEL. WilTel,
formerly known as Williams Communications, had traded on the over-the-counter
board since emerging from bankruptcy court protection Oct. 15. WilTel, based in
Tulsa, Okla., has received final regulatory approval through the Federal
Communications Commission for a $150 million investment through New York-based
Leucadia National Corp. Leucadia also purchased the claims of energy
conglomerate The Williams Companies for $180 million in exchange for a 44
percent equity stake in WilTel.

* Global Crossing Ltd. came
one step closer to regaining its independence after a federal bankruptcy judge
approved its reorganization plan in December. The company anticipated emerging
from bankruptcy by the middle of this year, pending regulatory approval. Hong
Kong-based Hutchison Whampoa Ltd. and Singapore Technologies Telemedia
Pty. have agreed to inject $250 million into Global Crossing for a 61.5
percent stake in the company, a third of what they initially proposed to invest.
Global Crossing, which once had a higher market capitalization than General
Motors, has an estimated reorganized equity value of $407 million.

Global Crossing Ltd.
also elected directors Jeremiah D. Lambert and Myron E. Ullman, III as
co-chairmen of the board of directors, replacing founder and chairman Gary
Winnick, who resigned Dec. 30, 2002, two weeks after a U.S. Bankruptcy Court
approved the reorganization plan of the network service operator. Lambert is an
attorney with experience in regulated industries, including electricity, natural
gas and telecommunications. Ullman, who is retired, led businesses in Asia,
Europe and the United States and has served on numerous business, community and
non-for-profit boards.

* GRIC Communications Inc.
recently announced its Global Internet Roaming Network includes about 1,000
broadband access locations and WiFi roaming in 44 airports around the world. The
company reported as of early December its wired and wireless broadband access
points totaled 1,072. The company recently added broadband coverage at the
Narita Airport in Tokyo. GRIC offers broadband service in 10 countries and
dial-up services about 150 countries.

* Digital Teleport Inc. has
asked a federal bankruptcy court for approval to conduct an auction for the sale
of its regional fiber optic business to the highest bidder and disclosed it has
received a definitive $38 million bid from the country’s eighth largest local
exchange telephone company CenturyTel Inc.

Digital Teleport filed voluntary
Chapter 11 petitions Dec. 31, 2001, indicating plans to exit the national
long-haul business and focus on operating its traditional core fiber optic
network in the Midwest. The company asked the U. S. Bankruptcy Court for the
Eastern District of Missouri in St. Louis for approval of bidding procedures and
to set a Feb. 10 auction date with a potential sale to be approved by the court
on Feb. 18. Bids from any other qualified buyers are due Feb. 7.

* Equinix Inc. announced Cox
Communications has selected Equinix to facilitate direct interconnection with
Internet infrastructure providers available at Equinix Internet Business
Exchange (IBX) hubs. As a part of the agreement, Cox has extended its network
into Equinix’s Dallas, Washington, and Los Angeles area IBX centers, with
possible expansions to other major markets.