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.
Political and economic uncertainty behind the fall in confidence
Just Racing Services, operating company of the Manor Racing Formula One team has entered administration
Last year 16 oil and gas companies became insolvent, finds Top Ten firm Moore Stephens
Team Rock the publication of classic rock is in administration with FRP Advisory