Hutchison Saves Its Stake ...

摘要

Hong Kong―By swooping in on debt-strapped U.S. fiber-optic company Global Crossing Ltd., Li Ka-shing may be picking up another undervalued asset at a cheap price. But this time the Hong Kong property tycoon, known in local circles as "Superman" for his ability to spot bargains and create wealth, may also be rescuing himself. That's because Hutchison Whampoa Ltd., where Mr. Li is chairman, has a $400 million convertible-bond holding in the ailing fiber-optic carrier, which last Monday filed for Chapter 11 bankruptcy protection under the U.S. Bankruptcy Code. Hutchison bid $750 million jointly with Singapore Technologies Telemedia Pte. Ltd. for a majority stake in Global Crossing. Hutchison's convertible-bond holding in Global Crossing is virtually worthless today. But by putting fresh capital into Global Crossing, paring down its $12.4 billion debt load and positioning it for an expected revival in demand for broadband services, Mr. Li stands a chance to eventually double or triple his firm's $375 million investment.