Global Crossing Announces Expiration of Excess Cash Offer for Senior Secured Notes

LONDON, May 29 /PRNewswire/ --

Global Crossing (UK) Finance plc ("GCUK Finance"), a wholly owned
subsidiary of Global Crossing Limited (Nasdaq: GLBC), announced today, May
29, 2008, the expiration of its excess cash offer with respect to its senior
secured notes. The offer expired today at 5:00 p.m. BST.

In accordance with the indenture governing the senior secured notes, GCUK
Finance offered to purchase for cash up to 1.213 million British pounds
sterling in aggregate principal amount, including accrued and unpaid
interest, of its 10.75-percent U.S. dollar-denominated senior secured notes
due in 2014 and its 11.75-percent British pounds sterling-denominated senior
secured notes due in 2014. The notes are guaranteed by Global Crossing (UK)
Telecommunications Limited ("GCUK"), GCUK Finance's immediate parent and
the principal UK operating subsidiary of Global Crossing.

The offer was made pursuant to the terms of the indenture governing the
notes, which requires GCUK Finance to make an offer to purchase notes using
50 percent of GCUK's operating cash flow, as defined in the indenture (the
"Excess Cash"), for the period from December 23, 2004 to December 31, 2005
and for each twelve month period thereafter.

The terms and conditions of the offer are described in GCUK Finance's
offer document dated April 29, 2008.

Notes that were properly tendered and accepted for purchase in accordance
with the terms and conditions of the offer document will be purchased at a
cash price equal to 100 percent of the outstanding principal amount of the
notes tendered, together with any accrued and unpaid interest outstanding on
the date of the purchase. If the aggregate principal amount of notes tendered
exceeds the amount that can be purchased using the Excess Cash at a purchase
price of 100 percent of the principal amount thereof plus accrued interest,
notes will be accepted for purchase on a pro rata basis among tendering note
holders based upon the amounts tendered. For purposes of determining the
aggregate principal amount of the notes tendered in order to apply the pro
rata calculation, the aggregate principal amount of the sterling-denominated
notes tendered will be converted to dollars at the noon buying rate in the
City of New York for cable transfers in pounds sterling as announced by the
Federal Reserve Bank of New York for customs purposes on April 28, 2008.

Tenders may be validly withdrawn until 10:00 a.m. BST on June 3, 2008 or,
if the offer period is extended, at 10:00 a.m. BST three business days after
the expiration date for the offer.

For more information regarding the tendering of notes, please refer to
the procedures described in the offer document under "Procedures for
Tendering."

Copies of the offer document, and other information relating to this
excess cash offer are available from The Bank of New York and The Bank of New
York Mellon Corporation, as Tender Agents for the Sterling and Dollar Notes
respectively; BNY Financial Services Plc, as Irish Tender Agent; 
The Bank of New York, as Irish Listing Agent; the custodian for
The Depository Trust Company and the common depositary for Euroclear System
and Clearstream Banking, societe anonyme.

ABOUT GLOBAL CROSSING (UK) TELECOMMUNICATIONS LIMITED

Global Crossing (UK) Telecommunications Limited provides a full range of
managed telecommunications services in a secure environment ideally suited
for IP-based business applications. The company provides managed voice, data,
Internet and e-commerce solutions to a strong and established commercial
customer base, including more than 100 UK government departments, as well as
systems integrators, rail sector customers and major corporate clients. In
addition, it provides carrier services to national and international
communications service providers.

ABOUT GLOBAL CROSSING

Global Crossing Limited (Nasdaq: GLBC) provides telecommunications
solutions over the world's first integrated global IP-based network. Its core
network connects approximately 390 cities in more than 30 countries
worldwide, and delivers services to approximately 690 cities in more than 60
countries and 6 continents around the globe. The company's global sales and
support model matches the network footprint and, like the network, delivers a
consistent customer experience worldwide.

Global Crossing IP services are global in scale, linking the world's
enterprises, governments and carriers with customers, employees and partners
worldwide in a secure environment that is ideally suited for IP-based
business applications, allowing e-commerce to thrive. The company offers a
full range of data, voice and security products to approximately 40 percent
of the Fortune 500, as well as 700 carriers, mobile operators and ISPs. Its
Professional Services and Managed Solutions provide VoIP, security and
network consulting and management services to support its Global Crossing IP
VPN service and Global Crossing VoIP services. Global Crossing was the first
global communications provider with IPv6 natively deployed in both its
private and public backbone networks.

Please visit www.globalcrossing.com or blogs.globalcrossing.com/ for more
information about Global Crossing.

This press release contains statements about expected future events and
financial results that are forward-looking and subject to risks and
uncertainties that could cause GCUK's actual results to differ materially,
including: the level of competition in the marketplace; pricing pressures
resulting from technology advances and regulatory changes; competitive
disadvantages relative to competitors with superior resources; dependence on
a number of key personnel; the concentration of revenue in a limited number
of customers; customer contracts typically do not have firm commitments to
purchase minimum levels of revenue or services; the reliance on a limited
number of third party suppliers; a change of control could lead to the
termination of many of the company's government contracts; insolvency could
lead to termination of certain of the company's contracts; slower than
anticipated adoption by customers of next generation products; risks relating
to the operation, administration, maintenance and repair of our systems;
terrorist attacks or other acts of violence or war that may adversely affect
the financial markets and our business and operations; the accuracy of our
real estate restructuring provision; the influence of the company's parent,
and possible conflicts of interest of the parent or of certain of GCUK's
directors and officers; the sharing of corporate and operational services
with our parent; our ability to raise capital through financing activities;
and other risks referenced from time to time in the company's filings with
the Securities and Exchange Commission. The company undertakes no duty to
update information contained in this press release or in other public
disclosures at any time.

CONTACT GLOBAL CROSSING:
    Press Contact
    Michael Schneider
    +1-973-937-0146
    PR@globalcrossing.com

    Analysts/Investors Contact
    Suzanne Lipton
    +1-800-836-0342
    glbc@globalcrossing.com



IR/PR1

Web site: http://www.globalcrossing.com
              http://blogs.globalcrossing.com