BusinessBusiness RecoveryWorldcom could file for Chapter 11 next week

Worldcom could file for Chapter 11 next week

Troubled telco WorldCom may file for chapter 11 bankruptcy protection next week, according to a report in The New York Times.

WorldCom refused to comment on the Times story, but analysts predict that the company will use Chapter 11 protection to restructure its debt and get the company running again.

Any bankruptcy protection filing by the $104bn company would eclipse the Chapter 11 filing by collapsed energy trader Enron.

But it is unlikely that the users of the network will notice any difference after the bankruptcy protection filing.

WorldCom is currently being investigated by the chief financial watchdog the US Securities & Exchange Commission over allegations of a $3.8bn (£2.4bn) accounting fraud.

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