BRUSSELS (Reuters) - The European Commission on Friday approved plans by Hong Kong mobile carrier Hutchison Telecom to purchase bankrupt high-speed communications network operator Global Crossing.

Hutchison Telecom belongs to Hutchison Whampoa Ltd., and ST Telemedia, a unit of Singapore Technologies.

Bermuda-based Global Crossing was founded in 1997 and operates a fibre-optic network that connects 27 countries. It filed for bankruptcy protection in January 2002 because of $12.4 billion of debts.

The transaction was approved under the Commission's simplified procedure, used when neither customers nor rivals have complaints about a deal.

The deal was approved by the Bermuda Supreme Court earlier this month. The new company will effectively discharge the debts by giving cash to some creditors and shares in the new company to others. Lenders such as banks are expected to get at least 20 percent back.