<?xml version="1.0"?><ownershipDocument>
    <schemaVersion>X0201</schemaVersion>

    <documentType>4</documentType><periodOfReport>2003-12-09</periodOfReport><notSubjectToSection16>0</notSubjectToSection16>
    <issuer>
        <issuerCik>0001061322</issuerCik>
        <issuerName>GLOBAL CROSSING LTD</issuerName>
        <issuerTradingSymbol>GBLXQ.PK</issuerTradingSymbol></issuer><reportingOwner>
        <reportingOwnerId>
            <rptOwnerCik>0001243321</rptOwnerCik>
            <rptOwnerName>CHRISTIE ANTHONY D</rptOwnerName>
        </reportingOwnerId>
        <reportingOwnerAddress>
            <rptOwnerStreet1>GLOBAL CROSSING LTD.</rptOwnerStreet1>
            <rptOwnerStreet2>200 PARK AVENUE</rptOwnerStreet2>
            <rptOwnerCity>FLORHAM PARK</rptOwnerCity>
            <rptOwnerState>NJ</rptOwnerState>
            <rptOwnerZipCode>07932</rptOwnerZipCode>
            <rptOwnerStateDescription></rptOwnerStateDescription>
        </reportingOwnerAddress>
            <reportingOwnerRelationship>
<isDirector>0</isDirector><isOfficer>1</isOfficer><isTenPercentOwner>0</isTenPercentOwner><isOther>0</isOther><officerTitle>Chief Marketing Officer</officerTitle></reportingOwnerRelationship></reportingOwner><nonDerivativeTable><nonDerivativeTransaction><securityTitle><value>Common Stock</value></securityTitle><transactionDate><value>2003-12-09</value></transactionDate><transactionCoding><transactionFormType>4</transactionFormType><transactionCode>J</transactionCode><equitySwapInvolved>0</equitySwapInvolved><footnoteId id="F1"/></transactionCoding><transactionAmounts><transactionShares><value>1134.536</value></transactionShares><transactionPricePerShare><value>0</value><footnoteId id="F1"/></transactionPricePerShare><transactionAcquiredDisposedCode><value>D</value></transactionAcquiredDisposedCode></transactionAmounts><postTransactionAmounts><sharesOwnedFollowingTransaction><value>0</value></sharesOwnedFollowingTransaction></postTransactionAmounts><ownershipNature><directOrIndirectOwnership><value>I</value></directOrIndirectOwnership><natureOfOwnership><value>See note</value><footnoteId id="F2"/></natureOfOwnership></ownershipNature></nonDerivativeTransaction></nonDerivativeTable><footnotes><footnote id="F1">All equity securities of Issuer (including but not limited to common stock, preferred stock, stock options and warrants) have been canceled in connection with its emergence from bankruptcy.</footnote><footnote id="F2">Shares held by Employee Retirement Savings Plan.</footnote></footnotes><ownerSignature><signatureName>/s/ Anthony D. Christie</signatureName><signatureDate>2003-12-09</signatureDate></ownerSignature></ownershipDocument>



