Business Services Industry
WorldCom Outlines Plans to Exit Chapter 11 Bankruptcy Protection.
Knight Ridder/Tribune Business News, April, 2003
By Peter J. Howe, The Boston Globe Knight Ridder/Tribune Business News
Apr. 15--WorldCom Inc., driven into bankruptcy last summer after admitting to $11 billion in accounting fraud and errors, yesterday outlined plans to emerge from Chapter 11 protection as early as October with potentially 90 percent less debt and what it hopes is a more familiar and trustworthy name: MCI.
The Clinton, Miss.-based company said a solid majority of creditors have agreed to a plan that would slash the company's debt from about $30 billion to as little as $3.5 billion. As part of the name change to MCI, the company would relocate its headquarters to Ashburn, Va., west of Washington, D.C. MCI, the nation's second-largest long-distance carrier, was by far the best...
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