Global Crossing

(GX)

was climbing 55.7% in Instinet trading before the opening bell, but the company's shares were still lingering below $1.

Global was trading up to 95 cents in premarket action. After the close Friday, the company said it received a waiver for potential violations of aspects of its credit agreement with a group of banks.

The pact with the banks waives certain financial covenants through Feb. 13, but the company must maintain unspecified cash balances in order to keep the waiver in force.