Telemonde and Global Crossing renegotiated $52 million agreement ...
Telemonde and Global Crossing renegotiated $52 million agreement over transatlantic capacity. In Dec. 29 SEC filing, Telemonde said it issued 5 million shares of convertible preferred stock at 1 cent par value to Global Crossing and agreed to purchase…
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$8 million in services from company in next 5 years. In exchange, Global Crossing released Telemonde from outstanding commitment to buy almost $43 million of transatlantic capacity. Just under $12 million of Telemonde debt is rescheduled, at 7% interest, with final payment due Nov. 2002.