Troubled high-speed networks firm Global Crossing admitted yesterday that its proposed takeover by Hutchison Whampoa and Singapore Technologies Telemedia had collapsed.
But the company said it was involved in talks with other potential buyers.
After four months of negotiations, talks broke down after a price could not be agreed.
The joint offer of $750m for 79 per cent of the firm's assets left creditors unimpressed. They claimed that Global Crossing's assets had a total value of around $22.4bn.
John Legere, Global Crossing's chief executive officer, expressed disappointment that the deal could not be completed, but said in a statement: "We look forward to working with Hutchison Whampoa and Singapore Technologies Telemedia as the auction approaches."
The company is in talks with other "interested potential investors", he added.
Global Crossing filed for Chapter 11 bankruptcy protection in January.
Could be used for everything from search-and-rescue robots to wearable tech
Don't require the rare material being mined from the mountains of South America
IBM hopes that its new tool will avoid bias in artificial intelligence
Found by calculating the strength of the material deep inside the crust of neutron stars