Consumer Complaints & Reviews
April 20, 2004
Hoping to make its $11 billion accounting scandal a distant memory, disgraced telecom giant WorldCom emerges from bankruptcy as WorldCom today. MCI, the pioneering long-distance company, was one of a number of firms merged into WorldCom.
Today's exit from bankruptcy ends a 21-month process that began with the largest bankruptcy filing in U.S. history. The new company will carry about $5.8 billion in debt -- compared with $41 billion when it filed for Chapter 11 in July 2002 -- as well as about 20,000 fewer employees, including 100 or so executives implicated in the scandal.
MCI currently is the second largest long-distance carrier, with about 20 million residential customers. But many analysts believe it will have a difficult time remaining a stand-alone company.
