Global Crossing has announced that its non-Asian businesses beat earnings targets in May. The company attributed its improved performance to its current program of aggressive cost cutting, it believes is ahead of schedule. Global Crossing is continuing to restructure its operations under Chapter 11 bankruptcy protection.
The company’s monthly operating report filed with New York based bankruptcy courts stated that its service revenues totalled $245 million, which was $10 million more than anticipated. Global Crossing also posted a service EBITDA loss of $13 million, while cash reserves reached $880 million. Both the company’s EBITDA and cash reserves levels surpassed previous expectations.