MCI's (formely WorldCom) settlement with the Securities and Exchange Commission has been approved by US bankruptcy courts.
Accountancy Age, 07 Aug 2003
The settlement calls for a civil penalty of $2.25bn, which will be made up of a $500m cash payment and $250m in common stock when the company emerges from Chapter 11 bankruptcy protection.
The news brings an end to all claims by the SEC against the former WorldCom company for its past accounting practices.
'Today's ruling represents a key milestone as MCI moves toward emergence from Chapter 11 protection,' said Stasia Kelly, MCI general counsel in a statement.
'We look forward now to completing our confirmation hearing and emerging from Chapter 11 protection.'
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