Complex sentence: Global Crossing refused to fund the line and a month later, in January, 2002, the company filed for Chapter 11 bankruptcy protection and its assets were ultimately sold to Asia Netcom, a subsidiary of China Netcom.
Split into simpler sentences: Global Crossing refused to fund the line, and in January 2002, the company filed for Chapter 11 bankruptcy protection. Its assets were ultimately sold to Asia Netcom, a subsidiary of China Netcom.