The company, which has $103.8bn (£66.7bn)of assets according to the US Securities and Exchange Commission, is at the centre of an accounting scandal in which almost $4bn disappeared, used to cover a loss in excess of $1.22bn and causing the company to lay off 17,000 staff worldwide.
In an interview with The Wall Street Journal, Sidgmore conceded that two of four options being discussed involved a Chapter 11 bankruptcy filing, although he would not be drawn on the other alternatives.
The company is currently in talks with money lenders over keeping the firm afloat.
‘Bankruptcy is never the best option unless you have no other viable options,’ Sidgmore said.
Earlier this week, WorldCom received a $5bn offer from by long-distance telephone and internet provider IDT for some of the company’s assets..
IDT chief Howard Jonas said the company would be making offers to WorldCom executives and consulting with federal regulators and investors over offers for parts of WorldCom.
WorldCom has not yet responded to the offer.
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