close

Practice

Business

Tax

Technology

Regulation

Resources

Rankings

Advertise With US

    Information

    Worldcom 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.

    Author Date published July 19, 2002 Categories

    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.

    Share

    Subscribe to get your daily business insights

    Get the latest analysis and reports delivered to your inbox daily

    Resources & Whitepapers

    Resources & Whitepapers

    The importance of UX in accounts payable: Often overlooked, always essential
    AP

    The importance of UX in accounts payable: Often overlooked, always essentia...

    1m Kloo

    The importance of UX in accounts payable: Often ov...

    Embracing user-friendly AP systems can turn the tide, streamlining workflows, enhancing compliance, and opening doors to early payment discounts. Read...

    View article
    The power of customisation in accounting systems
    Accounting Software

    The power of customisation in accounting systems

    2m Kloo

    The power of customisation in accounting systems

    Organisations can enhance their financial operations' efficiency, accuracy, and responsiveness by adopting platforms that offer them self-service cust...

    View article
    Turn Accounts Payable into a value-engine
    Accounting Firms

    Turn Accounts Payable into a value-engine

    3y

    Turn Accounts Payable into a value-engine

    In a world of instant results and automated workloads, the potential for AP to drive insights and transform results is enormous. But, if you’re still ...

    View resource
    8 Key metrics to measure to optimise accounts payable efficiency
    AP

    8 Key metrics to measure to optimise accounts payable efficiency

    2m Kloo

    8 Key metrics to measure to optimise accounts paya...

    Discover how AP dashboards can transform your business by enhancing efficiency and accuracy in tracking key metrics, as revealed by the latest insight...

    View article

    Related Articles

    Number of retailers going insolvent 19% to breach 2000
    Business

    Number of retailers going insolvent 19% to breach 2000

    1w Accountancy Age

    Number of retailers going insolvent 19% to breach ...

    Body Shop, Ted Baker, Farfetch, MatchesFashion and Wilko among latest retailer insolvencies. Number of businesses in trouble are the highest in five y...

    View article
    Government must make ‘concrete actions’ to support small businesses
    Business Recovery

    Government must make ‘concrete actions’ to support small businesses

    7m Greg Noble

    Government must make ‘concrete actions’ to support...

    Insolvency statistics in the UK for the second quarter of 2023 were the highest since 2009 with 83% of them relating to small businesses Read More...

    View article
    Insolvency statistics for Q2 ‘highly concerning’
    Business Recovery

    Insolvency statistics for Q2 ‘highly concerning’

    9m Greg Noble

    Insolvency statistics for Q2 ‘highly concerning’

    There were 6,342 recorded company insolvencies in Q2, reflecting a 9% increase compared to the number of insolvencies in Q1, and a 13% increase compar...

    View article
    Accountants’ economic confidence edges up for third consecutive quarter
    Brexit & Economy

    Accountants’ economic confidence edges up for third consecutive quarter

    1y Sam Alberti

    Accountants’ economic confidence edges up for thir...

    The survey paints a “brightening” picture of the global economy, according to the ACCA Read More...

    View article
    Azets UK CEO: ‘degree of hysteria’ around SME health outlook
    Business

    Azets UK CEO: ‘degree of hysteria’ around SME health outlook

    1y Sam Alberti

    Azets UK CEO: ‘degree of hysteria’ around SME heal...

    The pandemic may have “distorted” some economic data Read More...

    View article
    ‘Financial hygiene’ and cost control key to surviving the recession, advisors say
    Business Recovery

    ‘Financial hygiene’ and cost control key to surviving the recession, adviso...

    1y Idris Nagri

    ‘Financial hygiene’ and cost control key to surviv...

    Advisory firms must offer a “more supportive” and holistic approach to clients amid the economic downturn Read More...

    View article
    SMEs hit by post-pandemic support withdrawal must “go back to basics”
    Business Recovery

    SMEs hit by post-pandemic support withdrawal must “go back to basics”

    2y Cath Everett

    SMEs hit by post-pandemic support withdrawal must ...

    Having a clear plan and clean data to help optimise the use of scarce resources will be key for businesses Read More...

    View article
    Furlough Countdown: Advising clients as Covid-19 restrictions end
    Accounting Firms

    Furlough Countdown: Advising clients as Covid-19 restrictions end

    3y Silverfin | Sponsored

    Furlough Countdown: Advising clients as Covid-19 r...

    The Coronavirus Job Retention Scheme has supported millions of jobs amid the pandemic, but with the support measure set to end in September, how can a...

    View article