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Global Crossing (GX) was up 8.5% in early trading after the Financial Times reported that the company is in early discussions to sell part of its $9 billion in debt in exchange for an equity stake.

The British newspaper also said Global Crossing has received serious offers for one of the two businesses it is trying to sell and has preliminary interest in the other one. Sales of Global Marine Systems and IPC Communications could reportedly bring in $1 billion.

Financial Times said Global Crossing has talked to unnamed private equity firms and other potential strategic partners such as telecom companies about the debt-to-equity deal.

Global Crossing, which built a high-speed fiber-optic communications network linking 27 countries, has been hurt by falling prices, stiff competition and weak sales. The stock is down to under $1 from a 52-week high of $25.75.

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