SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, DC 20549
FORM 12b-25
Commission File Number 001-16201
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NOTIFICATION OF LATE FILING
(Check One):/ / Form 10-K / X / Form 11-K / / Form 20-F / /
Form 10-Q / / Form N-SAR / /
For Period Ended: December 31, 2001
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/ / Transition Report on Form 10-K / / Transition Report on Form 10-Q
Transition Report on Form 20-F / / Transition Report on Form N-SAR
Transition Report on Form 11-K
For Transition Period Ended: _______________________________
Nothing in this form shall be construed to imply that the Commission
has verified any information contained herein.
If the notification relates to a portion of the filing checked above,
identify the item (s) to which the notification relates:
_______________________________
PART I
REGISTRANT INFORMATION
Full name of registrant: Global Crossing Ltd. (in provisional liquidation in
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the Supreme Court of Bermuda)
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Former name if applicable:
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Address of principal executive office: Wessex House, 45 Reid Street
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City, state and zip code: Hamilton, Bermuda HM12
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PART II
RULE 12b-25 (b) AND (c)
If the subject report could not be filed without unreasonable effort
or expense and the registrant seeks relief pursuant to Rule 12b-25 (b), the
following should be completed. (Check box if appropriate.)
a. The reasons described in reasonable detail in
Part III of this form could not be eliminated
without unreasonable effort or expense;
b. The subject annual report, semi-annual report,
transition report on Form 10-K, 20-F, 11-K or Form
N-SAR, portion thereof will be filed on or before
the 15th calendar day following the prescribed due
date; or the subject quarterly report or transition
report on Form 10-Q, or portion thereof will be
filed on or before the fifth calendar day following
the prescribed due date; and
c. The accountant's statement or other exhibit required
by Rule 12b-25 (c) has been attached if applicable.
PART III
NARRATIVE
State below in reasonable detail the reasons why Form 10-K, 11-K,
20-F, 10-Q, N-SAR or the transition report portion thereof could not be filed
within the prescribed time period. (Attach extra sheets if needed.)
On January 28, 2002, Global Crossing Ltd. (a company in provisional
liquidation under the laws of Bermuda) (the "Company") and certain of its
affiliates filed voluntary petitions for relief under Chapter 11 of the United
States Bankruptcy Code in the United States Bankruptcy Court for the Southern
District of New York. On the same date, the Company and certain of its Bermuda
subsidiaries commenced coordinated insolvency proceedings in the Supreme Court
of Bermuda.
Arthur Andersen LLP ("Andersen"), the Company's independent public
accountants, have informed the Company that Andersen will not be able to
conduct the annual audit with respect to the Company's Statements of Net
Assets Available for Benefits and Statement of Changes in Net Assets Available
for Benefits under both the Frontier Group Bargaining Unit Employees'
Retirement Savings Plan and the Global Crossing Employees' Retirement Savings
Plan1 (the "Plans") as of and for the plan year ended December 31, 2001. In
recognition of this fact and in light of the demands of the bankruptcy
process, the Company has not yet completed its preparation of the disclosures
required in the Form 11-K's. Until it completes these disclosures and is able
to retain an accounting firm to conduct the annual audits and provide the
audit reports for these plans the Company will be unable to file its Form
11-K's of both the
Frontier Group Bargaining Unit Employees' Retirement Savings Plan and the
Global Crossing Employees' Retirement Savings Plan1 as of and for the plan year
ended December 31, 2001. The Company is currently seeking a new independent
public accounting firm to audit the Plans and provide audit reports.
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1 Effective January 1, 2001, the Frontier Group Employees' Retirement Savings
Plan was amended and restated as the Global Crossing Employees' Retirement
Savings Plan to include all eligible employees on the U.S. payroll of Global
Crossing Ltd. (a company in provisional liquidation under the laws of Bermuda)
and its participating affiliates. This includes all employees who were already
participating in the Frontier Group Employees' Retirement Savings Plan.
PART IV
OTHER INFORMATION
(1) Name and telephone number of person to contact in regard to this
notification
John B. McShane (973) 410-8954
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(Name) (Area Code)(Telephone Number)
(2) Have all other periodic reports required under Section 13 or 15 (d) of
the Securities Exchange Act of 1934 or Section 30 of the Investment
Company Act of 1940 during the preceding 12 months or for such shorter
period that the registrant was required to file such report (s) been
filed? If the answer is no, identify report (s).
/ X / Yes / / No
(3) Is it anticipated that any significant change in results of operations
from the corresponding period for the last fiscal year will be reflected
by the earnings statements to be included in the subject report or
portion thereof?
/ / Yes / X / No
If so: attach an explanation of the anticipated change, both narratively
and quantitatively, and, if appropriate, state the reasons why a
reasonable estimate of the results cannot be made.
Global Crossing Ltd.
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(Name of Registrant as Specified in Charter)
Has caused this notification to be signed on its behalf by the
undersigned thereunto duly authorized.
Date: July 2, 2002 By: /s/ John B. McShane
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John B. McShane
General Counsel