SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549-1004

FORM 8-K

CURRENT REPORT
Pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934

Date of report (Date of earliest event reported) November 1721, 2002

Asia Global Crossing Ltd.
(Exact Name of Registrant as Specified in Charter)

Bermuda		000-30994		98-022-4159
(State or Other Jurisdiction of Incorporation)		(Commission File Number)		(IRS Employer Identification No.)


Bermuda (State or Other Jurisdiction of Incorporation)		000-30994 (Commission File Number)		98-022-4159 (IRS Employer Identification No.)


Mintflower Place, 2^nd Floor, 8 Par-La-Ville Road Hamilton, Bermuda (Address of Principal Executive Offices)		HM08 (Zip Code)

Registrant’s telephone number, including area code (441) 296-6485

TABLE OF CONTENTS

	Item 3. Bankruptcy or Receivership.
	Item 5. Other Events.
	Item 7. Financial Statements and Exhibits.
SIGNATURE
EXHIBIT INDEX
EXHIBIT 99.1
EXHIBIT 99.2

~~INFORMATION~~Item 5. TOOther ~~BE INCLUDED IN THE REPORT~~Events.

~~Item~~ As previously announced, on November 317, 2002 Asia Global Crossing Ltd. (the “Company”) filed a petition for relief under Chapter 11 of the United States Bankruptcy orCode ~~Receivership~~in the United States Bankruptcy Court for the Southern District of New York (the “Bankruptcy Court”), in connection with the proposed sale of substantially all of the operations and assets of the Company (the “ANC Transaction”).

OnUnder ~~November 17,~~the ~~2002,~~terms ~~Asia~~of ~~Global~~the ~~Crossing~~Indenture ~~Ltd.~~governing the Company’s 13 3/8% senior notes (the “~~Company~~Notes”) ~~announced that~~due it2010, ~~had~~the ~~signed~~filing of a ~~definitive~~petition ~~agreement~~for relief constitutes a default under the Notes. On November 21, 2002, pursuant to the terms of the Indenture, The Bank of New York, as trustee (the “~~Agreement~~Trustee”) tounder ~~sell~~the ~~substantially~~Indenture, ~~all~~gave notice of ~~its~~this ~~operations~~default. ~~and~~The ~~assets~~“automatic tostay” ~~Asia~~provisions ~~Netcom~~of ~~Corporation~~the ~~Limited,~~Bankruptcy aCode ~~new~~stay ~~company~~the ~~organized~~enforcement by ~~China~~the ~~Netcom~~Trustee ~~(Hong~~of ~~Kong)~~any ~~Limited~~remedies ~~and~~in respect of such default. As a result, the assertion of such default in not expected to have ~~include~~any ~~Newbridge~~effect ~~Capital~~on ~~and~~the ~~Softbank~~Company’s ~~Asia~~restructuring ~~Infrastructure~~in ~~Fund~~Chapter 11, asincluding the ~~co-investors~~Company’s (efforts to seek Bankruptcy Court approval of the “ANC Transaction”).

~~Pursuant~~On toOctober 28, 2002, the ~~Agreement,~~Company onpaid ~~November 17~~$27, ~~2002~~699,012 to the ~~Company~~Trustee ~~and~~for ~~one~~the benefit of ~~its~~ ~~subsidiaries~~the ~~(collectively,~~holders of the ~~“Debtors”)~~Notes ~~filed~~in ~~voluntary~~respect ~~petitions~~of ~~for~~the interest payment ~~relief~~originally ~~under~~due ~~Chapter~~October 1115, of2002. ~~the~~Also ~~United~~on ~~States~~October 28, ~~Bankruptcy~~a ~~Code~~special ~~(the~~record ~~“Bankruptcy~~date for ~~Code”)~~this inpayment ~~the~~was ~~United~~set ~~States~~for ~~Bankruptcy~~November 12, ~~Court~~2002, ~~for~~with ~~the~~payment ~~Southern~~scheduled ~~District~~for ~~of New~~November ~~York~~22, ~~(the~~2002, ~~“Bankruptcy~~as ~~Court”)~~required ~~Case~~under ~~Nos.~~the ~~02-15749~~Indenture ~~through~~governing ~~02-15750~~the ~~(SMB)~~Notes. The November 21 ~~Debtors~~notice ~~will~~from ~~continue~~the toTrustee ~~manage~~also ~~their~~stated ~~properties~~that, ~~and~~as ~~operate~~a ~~their~~result ~~businesses as~~of ~~“debtors-in-possession”~~the ~~under~~bankruptcy filing, the ~~jurisdiction~~Trustee ofwill ~~the~~not ~~Bankruptcy~~disburse ~~Court~~this ~~and in~~payment ~~accordance~~to ~~with~~ the ~~applicable~~holders ~~provisions~~ of the ~~Bankruptcy Code~~Notes.

~~Also,~~A ~~pursuant~~copy toof the ~~Agreement,~~notice onfrom ~~November 18, 2002,~~ the ~~Company commenced~~Trustee ~~coordinated~~is ~~insolvency~~attached ~~proceedings~~hereto inas ~~the Supreme Court of Bermuda (the “Bermuda Court”) (Case No.~~Exhibit ~~464 of 2002)~~99. It is expected that within the week the Bermuda Court will grant an order appointing Joint Provisional Liquidators (“JPLs”) in respect of the Company and granting the JPLs the power to oversee the continuation and reorganization of the Company’s business under the control of its board of directors and under the supervision of the U1.S. ~~Bankruptcy Court and the Bermuda Court.~~

The proposed ANC transaction is subject to, among other things, Bankruptcy Court and regulatory approval. There can be no assurance that the ANC Transaction will be completed.

Copies of the press release announcing the foregoing and the Agreement are attached hereto as Exhibits 99.1 and 99.2.

Item 7. Financial Statements and Exhibits.

~~(c)~~	(c)	~~Exhibits.~~	Exhibits.
~~99.1~~	99.1	~~Press Release, dated November 17, 2002.~~	Notice from Trustee, dated November 21, 2002.
99.2		Share and Asset Purchase Agreement, dated as of November 17, 2002, between Asia Global Crossing Ltd. and Asia Netcom Corporation Limited

SIGNATURE

Pursuant to the requirements of the Securities Exchange Act of 1934, as amended, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

ASIA GLOBAL CROSSING LTD. By: /s/ ~~Charles~~Stefan FC. ~~Carroll~~Riesenfeld Name: ~~Charles~~Stefan FC. ~~Carroll~~Riesenfeld Title: ~~General~~Chief ~~Counsel~~Financial Officer

Dated: November 2126, 2002

EXHIBIT INDEX

Exhibit No.		Description
99.1		~~Press~~Notice ~~Release~~from Trustee, dated November 1721, 2002.
99.2		Share and Asset Purchase Agreement, dated as of November 17, 2002, between Asia Global Crossing Ltd. and Asia Netcom Corporation Limited

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