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First mover advantage in going into Chapter 11
01 July 2002
John Legere was called in last October to run Global Crossing as the severity of its financial problems became apparent. He put the company into bankruptcy protection and he and his team are midway through a restructuring plan ? but he believes the company will emerge strong and successful
A couple of years ago, first mover advantage was something you claimed if you could launch a product on the market before your rivals. Now, according to chief executive officer John Legere, Global Crossing has first mover advantage by being early into the process of reorganising under the protection of Chapter 11 of the US bankruptcy laws.
"I think that we were among the first to acknowledge the size of our issues and to be completely open and take dramatic action," he says. "In effect you've got first mover advantage in identifying our issues and restructuring the company."Legere was appointed CEO in October 2001, in succession to Thomas Casey, who told Global Telecoms Business in April 2001: "We have a network which is a differentiator. It is a unique asset in the sense that it is broadband, IP-based, global; and none of the other telecom service operators have one with the...
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