The latest figures emerged before a series of US House Energy and Commerce committee hearings into deals made by Qwest with Cable & Wireless, Flag Telecom and Global Crossing. The adjustments focus on a two-year period to 2001.
Qwest, which has debts of $26.5bn, could still avoid bankruptcy after reaching a $3.4bn credit facility agreement with creditors.
Regulators are continuing their inquiry into accusations of revenue-inflating levelled at Qwest and its competitors. They will investigate whether the companies traded excess capacity in each others’ networks to artificially boost sales.
The second largest improvement in ‘significant’ levels of financial distress since the EU Referendum was in professional services, found research from Begbies Traynor
Steve Absolom and Will Wright from KPMG Restructuring have been appointed joint administrators to City Motor Holdings and associated companies
Partners from Johnston Carmichael have been appointed as joint administrators to Axon Well Interventions Products UK
Begbies Traynor have been appointed administrators of William Anelay Ltd, York, one of Britain’s longest-established construction and heritage restoration companies