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Global Crossing was an enormous telecommunications company with more than $20 billion in assets. In January 28th 2002, the company filed for Chapter 11 bankruptcy protection, being one of the largest companies ever to do so. Filing for bankruptcy protection means that the substantial Global Crossing investments in fiber networks would continue to operate, while its financial structure was renegotiated, to the mutual benefit of Global Crossing creditors and customers. Apparently, after the Enron scandal, closely investigations have been made and many large corporations, including Global Crossing, were found guilty in their unethical accounting practices (both Enron and Global Crossing used embattled auditing firm Arthur Andersen, itself the subject of a government probe).
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