Singapore Technologies to take over The court overseeing the reorganization of bankrupt telecommunications carrier Global Crossing Holdings has approved the takeover of the company by Singapore Technologies Telemedia Pte. Ltd. (ST Telemedia), Global Crossing said in a statement Wednesday.The U.S. Bankruptcy Court for the Southern District of New York approved a change in the deal whereby ST Telemedia will pay $250 million for a 61.5 percent stake in Global Crossing, rather than sharing the acquisition with Hong Kong-based Hutchison Telecommunications Ltd.The reorganization agreement has also been made exclusive by the court until Oct. 28 — no other potential investor can enter into negotiations to buy a stake in Global Crossing until that date unless ST Telemedia backs out of the deal, according to the statement. Global Crossing operates a fiber-optic network that connects 27 countries and around 200 cities, but collapsed under the weight of its debt and filed for Chapter 11 bankruptcy protection in the U.S. in January 2002.The deal still has to pass U.S. regulatory hurdles, in particular from the Committee on Foreign Investment in the United States (CFIUS), a body that vets takeovers of U.S. companies by foreign investors to see if there are any U.S. national security implications.Global Crossing maintains an operational headquarters in Bermuda but the holding company is based in Los Angeles, and so the deal falls within the U.S.’s jurisdiction. ST Telemedia is part of the Singapore Technologies Group, which is in turn owned by Temasek Holdings Pte., the investment arm of the Singapore government. Both Global Crossing and its former subsidiary Asia Global Crossing (AGC) have now passed into Asian hands.AGC was taken over in March by mainland company China Netcom, which was formed in 1999 by the Chinese Academy of Sciences, the Chinese State Administration of Radio, Film and Television, the Chinese Ministry of Railways and the Shanghai Municipal Government. Technology Industry