The settlement calls for a civil penalty of $2.25bn, which will be made up of a $500m cash payment and $250m in common stock when the company emerges from Chapter 11 bankruptcy protection.
The news brings an end to all claims by the SEC against the former WorldCom company for its past accounting practices.
‘Today’s ruling represents a key milestone as MCI moves toward emergence from Chapter 11 protection,’ said Stasia Kelly, MCI general counsel in a statement.
‘We look forward now to completing our confirmation hearing and emerging from Chapter 11 protection.’
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