Yesterday’s emergence signified that MCI’s plan of reorganisation, confirmed last October by the US Bankruptcy Court for the Southern District of New York, is now effective.
The company has begun the process of reimbursing creditors and distributing securities.
Michael Capellas, president of MCI and CEO said: ‘MCI’s turnaround is a tribute to the human spirit and the amazing will of our 50,000 dedicated employees.’
He said MCI had emerged with a ‘new board and management team, a sound financial position, unmatched global assets, a strong customer base and industry-leading service quality’.
Troubles for WorldCom began in June 2002 when it revealed an $11bn (£6.15bn)accounting fraud, which led to pre-tax profits for 2001 and 2002 being cut by a massive $74bn (£41bn).
The WorldCom scandal, coming soon after Enron, was the main contributor to the slide in world markets, which saw billions wiped off the value of shares.
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
Smith & Williamson has been appointed administrators of charity 4Children