Global Crossing loses another major contract

Whiff of financial impropriety costs telco dear

Global Crossing, the bankrupt US telco, has lost one of the remaining jewels in its crown following the decision by Swift, the inter-bank transfer system, to cancel its $300m contract with the company. Swift's withdrawal makes the process of valuing Global Crossing, which is in the process of being sold off, more complex. Global Crossing filed for Chapter 11 bankruptcy protection in January, and is under investigation by the FBI for financial irregularities.