UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
SCHEDULE 13G
Under the Securities Exchange Act of 1934
(Amendment No. 1)/1/
FLAG Telecom Holdings Limited
--------------------------------------
(Name Of Issuer)
Common Shares, par value $0.0006 per share
--------------------------------------
(Title of Class of Securities)
G3529L102
---------------------------------------
(Cusip Number)
December 31, 2001
---------------------------------------
(Date of Event Which Requires Filing of this Statement)
Check the appropriate box to designate the rule pursuant to which this Schedule
is filed:
[_] Rule 13d-1(b)
[_] Rule 13d-1(c)
[X] Rule 13d-1(d)
--------------------
/1/ The remainder of this cover page shall be filled out for a reporting
person's initial filing on this form with respect to the subject class of
securities, and for any subsequent amendment containing information which would
alter the disclosures provided in a prior cover page.
The information required in the remainder of this cover page shall not be deemed
to be "filed" for the purpose of Section 18 of the Securities Exchange Act of
1934 ("the Act") or otherwise subject to the liabilities of that section of the
Act but shall be subject to all other provisions of the Act (however, see the
Notes).
Page 1 of 16 pages
-----------------------
CUSIP No. G3529L102 13G
-----------------------
--------------------------------------------------------------------------------
1 NAME OF REPORTING PERSON
SS. OR IRS IDENTIFICATION NO. OF ABOVE PERSON
Verizon Communications Inc. #23-2259884
--------------------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*
(A) [_]
(B) [X]
--------------------------------------------------------------------------------
3 SEC USE ONLY
--------------------------------------------------------------------------------
4 CITIZENSHIP OR PLACE OF ORGANIZATION
Delaware
--------------------------------------------------------------------------------
5 SOLE VOTING POWER
NUMBER OF
SHARES 0
--------------------------------------------------------
BENEFICIALLY 6 SHARED VOTING POWER
OWNED BY
24,922,276 Common Shares
EACH --------------------------------------------------------
7 SOLE DISPOSITIVE POWER
REPORTING
PERSON 0
--------------------------------------------------------
WITH 8 SHARED DISPOSITIVE POWER
24,922,276 Common Shares
--------------------------------------------------------------------------------
9 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
24,922,276 Common Shares
--------------------------------------------------------------------------------
10 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES*
[_]
--------------------------------------------------------------------------------
11 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW 9
18.6% of the aggregate of the Issuer's Common Shares, par value
$0.0006 per share.
--------------------------------------------------------------------------------
12 TYPE OF REPORTING PERSON*
CO
--------------------------------------------------------------------------------
Page 2 of 16 pages
-----------------------
CUSIP NO. G3529L102 13G
-----------------------
------------------------------------------------------------------------------
NAME OF REPORTING PERSON
1 SS. OR IRS IDENTIFICATION NO. OF ABOVE PERSON
GTE Corporation #13-1678633
------------------------------------------------------------------------------
CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*
2 (A) [_]
(B) [X]
------------------------------------------------------------------------------
SEC USE ONLY
3
------------------------------------------------------------------------------
CITIZENSHIP OR PLACE OF ORGANIZATION
4
New York
------------------------------------------------------------------------------
SOLE VOTING POWER
5
NUMBER OF 0
SHARES -----------------------------------------------------------
SHARED VOTING POWER
BENEFICIALLY 6
24,922,276 Common Shares
OWNED BY
-----------------------------------------------------------
EACH SOLE DISPOSITIVE POWER
7
REPORTING 0
PERSON -----------------------------------------------------------
SHARED DISPOSITIVE POWER
WITH 8
24,922,276 Common Shares
------------------------------------------------------------------------------
AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
9
24,922,276 Common Shares
------------------------------------------------------------------------------
CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES*
10
[_]
------------------------------------------------------------------------------
PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW 9
11 18.6% of the aggregate of the Issuer's Common Shares, par value $0.0006
per share.
------------------------------------------------------------------------------
TYPE OF REPORTING PERSON*
12
CO
------------------------------------------------------------------------------
Page 3 of 16 pages
-----------------------
CUSIP NO. G3529L102 13G
-----------------------
------------------------------------------------------------------------------
NAME OF REPORTING PERSON
1 SS. OR IRS IDENTIFICATION NO. OF ABOVE PERSON
GTE International Telecommunications Incorporated #06-1460807
------------------------------------------------------------------------------
CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*
2 (A) [_]
(B) [X]
------------------------------------------------------------------------------
SEC USE ONLY
3
------------------------------------------------------------------------------
CITIZENSHIP OR PLACE OF ORGANIZATION
4
Delaware
------------------------------------------------------------------------------
SOLE VOTING POWER
5
NUMBER OF 0
SHARES -----------------------------------------------------------
SHARED VOTING POWER
BENEFICIALLY 6
24,922,276 Common Shares
OWNED BY
-----------------------------------------------------------
EACH SOLE DISPOSITIVE POWER
7
REPORTING 0
PERSON -----------------------------------------------------------
SHARED DISPOSITIVE POWER
WITH 8
24,922,276 Common Shares
------------------------------------------------------------------------------
AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
9
24,922,276 Common Shares
------------------------------------------------------------------------------
CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES*
10
[_]
------------------------------------------------------------------------------
PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW 9
11 18.6% of the aggregate of the Issuer's Common Shares, par value $0.0006
per share.
------------------------------------------------------------------------------
TYPE OF REPORTING PERSON*
12
CO
------------------------------------------------------------------------------
Page 4 of 16 pages
-----------------------
CUSIP NO. G3529L102 13G
-----------------------
------------------------------------------------------------------------------
NAME OF REPORTING PERSON
1 SS. OR IRS IDENTIFICATION NO. OF ABOVE PERSON
GTE Venezuela Incorporated #13-3634506
------------------------------------------------------------------------------
CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*
2 (A) [_]
(B) [X]
------------------------------------------------------------------------------
SEC USE ONLY
3
------------------------------------------------------------------------------
CITIZENSHIP OR PLACE OF ORGANIZATION
4
Delaware
------------------------------------------------------------------------------
SOLE VOTING POWER
5
NUMBER OF 0
SHARES -----------------------------------------------------------
SHARED VOTING POWER
BENEFICIALLY 6
24,922,276 Common Shares
OWNED BY
-----------------------------------------------------------
EACH SOLE DISPOSITIVE POWER
7
REPORTING 0
PERSON -----------------------------------------------------------
SHARED DISPOSITIVE POWER
WITH 8
24,922,276 Common Shares
------------------------------------------------------------------------------
AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
9
24,922,276 Common Shares
------------------------------------------------------------------------------
CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES*
10
[_]
------------------------------------------------------------------------------
PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW 9
11 18.6% of the aggregate of the Issuer's Common Shares, par value $0.0006
per share.
------------------------------------------------------------------------------
TYPE OF REPORTING PERSON*
12
CO
------------------------------------------------------------------------------
Page 5 of 16 pages
-----------------------
CUSIP No. G3529L102 13G
-----------------------
------------------------------------------------------------------------------
NAME OF REPORTING PERSON
1 SS. OR IRS IDENTIFICATION NO. OF ABOVE PERSON
Bell Atlantic Latin America Holdings, Inc. #541679838
------------------------------------------------------------------------------
CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*
2 (A) [_]
(B) [X]
------------------------------------------------------------------------------
SEC USE ONLY
3
------------------------------------------------------------------------------
CITIZENSHIP OR PLACE OF ORGANIZATION
4
Delaware
------------------------------------------------------------------------------
SOLE VOTING POWER
5
NUMBER OF 0
SHARES -----------------------------------------------------------
SHARED VOTING POWER
BENEFICIALLY 6
24,922,276 Common Shares
OWNED BY
-----------------------------------------------------------
EACH SOLE DISPOSITIVE POWER
7
REPORTING 0
PERSON -----------------------------------------------------------
SHARED DISPOSITIVE POWER
WITH 8
24,922,276 Common Shares
------------------------------------------------------------------------------
AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
9
24,922,276 Common Shares
------------------------------------------------------------------------------
CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES*
10
[_]
------------------------------------------------------------------------------
PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW 9
11
18.6% of the aggregate of the Issuer's Common Shares, par value $0.0006
per share.
------------------------------------------------------------------------------
TYPE OF REPORTING PERSON*
12
CO
------------------------------------------------------------------------------
Page 6 of 16 pages
-----------------------
CUSIP No. G3529L102 13G
-----------------------
------------------------------------------------------------------------------
NAME OF REPORTING PERSON
1 SS. OR IRS IDENTIFICATION NO. OF ABOVE PERSON
Bell Atlantic New Holdings, Inc. #232726821
------------------------------------------------------------------------------
CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*
2 (A) [_]
(B) [X]
------------------------------------------------------------------------------
SEC USE ONLY
3
------------------------------------------------------------------------------
CITIZENSHIP OR PLACE OF ORGANIZATION
4
Delaware
------------------------------------------------------------------------------
SOLE VOTING POWER
5
NUMBER OF 0
SHARES -----------------------------------------------------------
SHARED VOTING POWER
BENEFICIALLY 6
24,922,276 Common Shares
OWNED BY
-----------------------------------------------------------
EACH SOLE DISPOSITIVE POWER
7
REPORTING 0
PERSON -----------------------------------------------------------
SHARED DISPOSITIVE POWER
WITH 8
24,922,276 Common Shares
------------------------------------------------------------------------------
AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
9
24,922,276 Common Shares
------------------------------------------------------------------------------
CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES*
10
[_]
------------------------------------------------------------------------------
PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW 9
11
18.6% of the aggregate of the Issuer's Common Shares, par value $0.0006
per share.
------------------------------------------------------------------------------
TYPE OF REPORTING PERSON*
12
CO
------------------------------------------------------------------------------
Page 7 of 16 pages
--------------------- 13G
CUSSIP NO. G3529L102
---------------------
--------------------------------------------------------------------------------
1 NAME OF REPORTING PERSON
SS. OR IRS IDENTIFICATION NO. OF ABOVE PERSON
Verizon International Holdings Ltd.
--------------------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*
(A) [_]
(B) [X]
--------------------------------------------------------------------------------
3 SEC USE ONLY
--------------------------------------------------------------------------------
4 CITIZENSHIP OR PLACE OF ORGANIZATION
Bermuda
--------------------------------------------------------------------------------
5 SOLE VOTING POWER
NUMBER OF
SHARES 0
-----------------------------------------------------
6 SHARED VOTING POWER
BENEFICIALLY 24,922,276 Common Shares
OWNED BY
-----------------------------------------------------
7 SOLE DISPOSITIVE POWER
EACH 0
REPORTING -----------------------------------------------------
8 SHARED DISPOSITIVE POWER
PERSON
WITH 24,922,276 Common Shares
-----------------------------------------------------
9 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
24,922,276 Common Shares
--------------------------------------------------------------------------------
10 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES*
[_]
--------------------------------------------------------------------------------
11 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW 9
18.6% of the aggregate of the Issuer's Common Shares, par value $0.0006
per share.
--------------------------------------------------------------------------------
12 TYPE OF REPORTING PERSON*
CO
--------------------------------------------------------------------------------
Page 8 of 16 pages
Item 1.
(a) Name of Issuer
FLAG Telecom Holdings Limited
(b) Address of Issuer's Principal Executive Offices
Cedar House
41 Cedar Avenue
Hamilton HM12, Bermuda
Item 2.
(a) Name of Persons Filing
Verizon Communications Inc. ("Verizon")
GTE Corporation ("GTE")
GTE International Telecommunications Incorporated
("GTE International")
GTE Venezuela Incorporated ("GTE Venezuela")
Bell Atlantic Latin America Holdings, Inc. ("BALAH")
Bell Atlantic New Holdings, Inc. ("BANHI")
Verizon International Holdings Ltd. ("VIHL")
(b) Address of Principal Business Office or, if none, Residence
For each of Verizon, GTE, GTE International and GTE Venezuela:
1095 Avenue of the Americas
New York, New York 10036
For each of BALAH and BANHI:
1310 North Court House Road
Arlington, Virginia 22201
For VIHL:
c/o AS&K Services Ltd.
Cedar House
41 Cedar Avenue
Hamilton HM12, Bermuda
(c) Citizenship
Each of Verizon, BANHI, BALAH, GTE Venezuela and GTE
International is incorporated under the laws of the State of
Delaware.
Page 9 of 16 pages
GTE is incorporated under the laws of the State of New York.
VIHL is incorporated under the laws of Bermuda.
(d) Title of Class of Securities
Common Shares, par value $0.0006 per share
(e) CUSIP Number
G3529L102
Item 3. If this statement is filed pursuant to Rule 13d-1(b), or 13d-2(b), check
whether the person filing is a:
(a) [_] Broker or Dealer registered under Section 15 of the Exchange Act
(b) [_] Bank as defined in Section 3(a)(6) of the Exchange Act
(c) [_] Insurance Company as defined in Section 3(a)(19) of the Exchange Act
(d) [_] Investment Company registered under Section 8 of the Investment
Company Act
(e) [_] Investment Adviser in accordance with Rule 13d-1(b)(1)(ii)(E)
(f) [_] Employee Benefit Plan or Endowment Fund in accordance with
13d-1(b)(1)(ii)(F)
(g) [_] Parent Holding Company or Control Person in accordance with Rule
13d-1(b)(1)(ii)(G)
(h) [_] Savings Association as defined in Section 3(b) of the Federal Deposit
Insurance Act
(i) [_] Church Plan that is excluded from the definition of an investment
company under Section 3(c)(14) of the Investment Company Act
(j) [_] Group, in accordance with Rule 13d-1(b)(1)(ii)(J)
Page 10 of 16 pages
Item 4. Ownership
(a) Amount Beneficially Owned:
24,922,276 Common Shares
(b) Percent of Class:
18.6% of the aggregate of the Issuer's Common Shares, par value $0.0006
per share.
(c) Number of shares as to which such person has:
(i) sole power to vote or to direct the vote: 0
(ii) shared power to vote or to direct the vote: 24,922,276
(iii) sole power to dispose or to direct the disposition of: 0
(iv) shared power to dispose or to direct the disposition of:
24,922,276
VIHL owns of record and beneficially 24,922,276 common shares of FLAG Telecom
Holdings Limited, having sold 15,000,000 common shares to TGN Holdings on June
21, 2001. BANHI owns 95.6% of the equity of VIHL. BALAH owns 100% of the equity
of BANHI. GTE Venezuela owns 100% of the equity of BALAH. GTE International owns
100% of the equity of GTE Venezuela. GTE owns approximately 68% of the equity of
GTE International. Verizon owns 100% of the common stock of GTE. By virtue of
the relationships among such companies, each of them may be deemed to have
shared power to vote and dispose of, or to direct the vote and disposition of,
the 24,922,276 common shares of FLAG Telecom Holdings Limited held of record by
VIHL.
Item 5. Ownership of Five Percent or Less of a Class:
Not Applicable.
Item 6. Ownership of More Than Five Percent on Behalf of Another Person:
Not Applicable.
Item 7. Identification and Classification of the Subsidiary Which Acquired the
Security Being Reported On by the Parent Holding Company:
See Item 4.
Item 8. Identification and Classification of Members of the Group:
Not Applicable.
Page 11 of 16 pages
Item 9. Notice of Dissolution of Group:
Not Applicable.
Item 10. Certifications:
Not Applicable.
Page 12 of 16 pages
SIGNATURES
After reasonable inquiry and to the best of my knowledge and belief, I
certify that the information set forth in this statement is true, complete and
correct.
February 13, 2002
-------------------------------------------
VERIZON COMMUNICATIONS INC.
/s/ Marianne Drost
-------------------------------------------
Signature
Marianne Drost - Corporate Secretary
-------------------------------------------
Name/Title
GTE CORPORATION
/s/ Marianne Drost
-------------------------------------------
Signature
Marianne Drost - Corporate Secretary
-------------------------------------------
Name/Title
GTE INTERNATIONAL
TELECOMMUNICATIONS INCORPORATED
/s/ Marianne Drost
-------------------------------------------
Signature
Marianne Drost - Corporate Secretary
-------------------------------------------
Name/Title
Page 13 of 16 pages
GTE VENEZUELA INCORPORATED
/s/ Marianne Drost
-------------------------------------------
Signature
Marianne Drost - Corporate Secretary
-------------------------------------------
Name/Title
BELL ATLANTIC LATIN AMERICA
HOLDINGS, INC.
/s/ Stephen B. Heimann
---------------------------------------------
Signature
Stephen B. Heimann - Assistant Secretary
-------------------------------------------
Name/Title
BELL ATLANTIC NEW HOLDINGS, INC.
/s/ Mary Louise Weber
---------------------------------------------
Signature
Mary Louise Weber - Secretary
-------------------------------------------
Name/Title
VERIZON INTERNATIONAL HOLDINGS
LTD.
/s/ Mary Louise Weber
---------------------------------------------
Signature
Mary Louise Weber - Assistant Secretary
-------------------------------------------
Name/Title
Page 14 of 16 pages
EXHIBIT A
AGREEMENT AS TO JOINT FILING OF
SCHEDULE 13G
------------
In accordance with Rule 13d-1(k)(1) under the Securities Exchange Act of 1934,
the persons named below agree to the joint filing on behalf of each of them of a
Statement on Schedule 13G (including amendments thereto) with respect to the
Common Shares of FLAG Telecom Holdings Limited and further agree that this Joint
Filing Agreement be included as an Exhibit to such joint filings. In evidence
thereof, the undersigned hereby execute this Agreement as of the 13th day of
February, 2002.
VERIZON COMMUNICATIONS INC.
/s/ Marianne Drost
----------------------------------------
Signature
Marianne Drost - Corporate Secretary
----------------------------------------
Name/Title
GTE CORPORATION
/s/ Marianne Drost
----------------------------------------
Signature
Marianne Drost - Corporate Secretary
----------------------------------------
Name/Title
GTE INTERNATIONAL
TELECOMMUNICATIONS INCORPORATED
/s/ Marianne Drost
----------------------------------------
Signature
Marianne Drost - Corporate Secretary
----------------------------------------
Name/Title
Page 15 of 16 pages
GTE VENEZUELA INCORPORATED
/s/ Marianne Drost
----------------------------------------
Signature
Marianne Drost - Corporate Secretary
----------------------------------------
Name/Title
BELL ATLANTIC LATIN AMERICA
HOLDINGS, INC.
/s/ Stephen B. Heimann
----------------------------------------
Signature
Stephen B. Heimann - Assistant Secretary
----------------------------------------
Name/Title
BELL ATLANTIC NEW HOLDINGS, INC.
/s/ Mary Louise Weber
----------------------------------------
Signature
Mary Louise Weber - Secretary
----------------------------------------
Name/Title
VERIZON INTERNATIONAL HOLDINGS
LTD.
/s/ Mary Louise Weber
----------------------------------------
Signature
Mary Louise Weber - Assistant Secretary
----------------------------------------
Name/Title
Page 16 of 16 pages