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President Bush has approved Singapore Technologies Telemedia Pte. Ltd.'s controversial $250 million acquisition of bankrupt fiber-optic network provider Global Crossing Ltd. The transaction had been in doubt after undergoing an extended review by the Committee on Foreign Investments in the United States. Bush has effectively opened the door for Global Crossing to exit Chapter 11, ending its 20-month stay in bankruptcy protection.
September 23, 2003 at 12:00 AM
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The original version of this story was published on Law.Com
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