Chartered's controlling shareholder, the government-owned Singapore Technologies, had already agreed to pay more than $380 million to take up its portion of the rights issue.

By August 2000, a computerised ticketing system developed jointly with Singapore Technologies was launched.

Whether Singapore Technologies would join Hutchison in its bid was not clear last night.

A spokeswoman for Singapore Technologies could not be reached.

Singapore Technologies will be the other partner in the project.

It is unclear how Hutchison and Singapore Technologies will respond to the creditors, although both companies have said they stand by their original offer.

But none of this satisfied Singapore Technologies or Lark.

"Perhaps it's for appearances' sake, an effort to show distance from Singapore Technologies."

Hutchison and Singapore Technologies have agreed to buy Global Crossing out of bankruptcy for $250 million.

Singapore Technologies is the No. 2 local phone company in a city-state dominated by the state-owned carrier.