Global Crossing and the lenders hope to work on the plan over the next month.

The stage was set for a company called Global Crossing.

Global Crossing's board met last night and was expected to approve the deal.

Global Crossing went public last year in a $399 million initial stock offering.

Global Crossing's stock price was down $2.44 for the day to close at $21.44.

Global Crossing went public, and the stock soared to $62 a share in 1999.

Global Crossing also has more than $12 billion in debt.

Global Crossing, which would not comment, is by no means alone.

Global Crossing continues to deny that it has done anything wrong.

Earlier this year, he asked her to join the board of Global Crossing.