Overseas Bailout for Undersea Network

Global Crossing(GX Quote) agreed to sell a controlling stake to two Asian partners through a prepackaged Chapter 11 filing, ending one of the wilder rides of the Internet stock bubble.

The transaction with Hutchison Whampoa and Singapore Technologies will cancel out existing Global Crossing common and preferred stock. Shares of the data and voice carrier had traded for more than $60 in March 2000 but fell steadily as the company struggled with a huge debt load and too few customers for its high-speed global fiber-optic network.

Shares of the Hamilton, Bermuda-based company closed Friday at 51 cents before being halted for Monday's announcement. ...