Bermuda-based Southern Cross Cable, a joint venture between SingTel and Telecom Corp New Zealand, sold a record USD176 million of capacity in the three months to 31 March 2005, indicating that the global capacity glut could be easing. The sales have bolstered the company’s unprofitable undersea cable business which links the US, Australia and New Zealand. It will enable Southern Cross to refinance debt and return cash to its owners, who were guarantors for USD151 million worth of bank loans in 2003.
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