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                      SECURITIES AND EXCHANGE COMMISSION
                          Washington, D.C. 20549-1004
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                                   FORM 8-K

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                                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 5, 2001
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                            Global Crossing Ltd.
              (Exact Name of Registrant as Specified in Charter)

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            Bermuda                       001-16201             98-0189783
(State or Other Jurisdiction of   (Commission File Number)         (IRS
        Incorporation)                                           Employer
                                                            Identification No.)

   Wessex House, 45 Reid Street, Hamilton, Bermuda                 HM12
      (Address of Principal Executive Offices)                 (Zip Code)



       Registrant's telephone number, including area code (441) 296-8600
                                --------------






Item 5.  Other Events.

     On November 5, 2001, Global Crossing Ltd. ("Global Crossing") and Asia
Global Crossing Ltd., a subsidiary of Global Crossing, announced that, due to
current market conditions, they have terminated discussions regarding a
merger. The parties said that they may re-evaluate the merits of a merger in
the future.

Item 7.  Financial Statements and Exhibits.

         (c)      Exhibits.

         99.1     Joint Global Crossing Ltd./Asia Global Crossing Ltd. Press
                  Release, dated November 5, 2001





                                   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.


                          GLOBAL CROSSING LTD.



                          By: /s/  Dan J. Cohrs
                              -----------------------------------
                              Name:  Dan J. Cohrs
                              Title: Executive Vice President and
                                     Chief Financial Officer

Dated:  November 6, 2001








                                 EXHIBIT INDEX



   Exhibit No.                 Description
   -----------                 -----------

     99.1           Joint Global Crossing Ltd./Asia Global Crossing Ltd. Press
                    Release, dated November 5, 2001