Business Services Industry
WorldCom: preliminary prognosis. (Briefing).
Business Communications Review, August, 2002 by Weingarten, Michael
In the May 2002 issue of BCR, (pp. 36-40), we concluded that while the Chapter 11 bankruptcy process would give competitive local exchange carriers (CLECs) considerable latitude in reducing onerous contractual and debt obligations, it does little to fix businesses with massively negative EBITDAs.
Bart Stuck
Fast-forward to July, and along comes WorldCom. WorldCom is a major player, not a CLEC, so its prospects are different. With the caveat that this is a fluid situation with many possible outcomes, here is our prognosis, based on one of the authors' (Weingarten's) experience as a bankruptcy court trustee. (Note: Michael Weingarten is not related to Reid Weingarten, counsel for Bernie Ebbers.)
* Sooner or later, WorldCom will need to...
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