Fibre-optic cable communications operator Asia Global Crossing (AGC) has expressed fears that it could follow its US parent into bankruptcy.
The company yesterday announced a plan to cut spending and renegotiate supply and construction contracts.
At the heart of its woes was a decision by parent Global Crossing not to let it draw down a £282m ($400m) credit facility leaving it with a serious shortage of cash.
AGC also warned that auditors reviewing its financial statements are likely to have "substantial doubts" about its ability to continue.
Global Crossing filed for bankruptcy in the US on 28 January amid an investigation into its accounting practices by the Securities and Exchange Commission and the FBI.
AGC was considered to be in better shape than its parent, but the latest disclosures are likely to raise concerns over its future.
The company was set up as a joint venture with Microsoft and Softbank in 1999 to tap the Asian market.
It has partnerships with several telecoms operators in the region including Hong Kong-based conglomerate Hutchison Whampoa and Singapore Technologies Telemedia.
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