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April 9, 2002 — (WEB HOST INDUSTRY REVIEW) — The Wall Street Journal reported yesterday that Level 3 Communications Inc., a high-speed communications network operator, is considering the purchase of troubled rivals, including Global Crossing Ltd. However, no specific bid for the bankrupt telecom company is pending.
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Having already expressed interest in Williams Communications Group Inc. and Flag Telecom Holdings Ltd., Level 3 has proven that it has the inclination to acquire new telecoms.
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“We have financial dry powder,” Level 3′s Chief Executive Officer Jim Crowe told the Wall Street Journal. “We are not among the walking wounded. The over-pessimism in the industry is creating opportunities for us to buy assets. To buy assets makes sense when it (enables us to) acquire customers and lower costs and create cash flow.”
