Exhibit 99.1


FOR IMMEDIATE RELEASE


XO Communications Receives $192.0 Million in Value, Representing a Gain of $33.5
            Million, Upon Global Crossing's Emergence from Bankruptcy

December 15, 2003 - Reston, VA -- XO Communications, Inc. announced today that
it has received $192.0 million in value, consisting of $164.8 million in cash
and $27.2 million of Global Crossing common stock (based on the closing price of
$33 per share of Global Crossing common stock as of December 12, 2003), in
exchange for the $158.5 million XO Communications paid to acquire approximately
34% of pre-petition senior debt of Global Crossing.

The cash payment and shares of common stock were distributed by Global Crossing
upon its emergence from bankruptcy and represent the recovery on the investment
XO Communications made in its earlier effort to acquire all of the assets of
Global Crossing. In addition, XO Communications retains the rights to
approximately 34% of the proceeds, if any, from the pending lawsuit between
Global Crossing's bank group and former Global Crossing officers and directors
that seeks $1.7 billion in damages.

     ABOUT XO COMMUNICATIONS

XO is a leading broadband telecommunications services provider offering a
complete set of telecommunications services, including: local and long distance
voice, Internet access, Virtual Private Networking (VPN), Ethernet, Wavelength,
Web Hosting and Integrated voice and data services.

XO has assembled an unrivaled set of facilities-based broadband networks and
Tier One Internet peering relationships in the United States. XO currently
offers facilities-based broadband telecommunications services within and between
more than 60 markets throughout the United States.

Please visit www.xo.com for more information about XO.

CONTACT XO COMMUNICATIONS, INC.:

Media & Industry Analysts Contact
Dawnyielle Downes
703-547-2682