BusinessCompany NewsWorldCom up for sale for £3.3bn

WorldCom up for sale for £3.3bn

Recently rehabilitated WorldCom, now known as MCI, has appointed bankers to explore a possible sale of the business.

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According to both the Wall Street Journal and the New York Times, JP Morgan Chase has been hired to search for buyers. The bank will work alongside regular advisers Lazard, with a price tag of around $6bn (£3.3bn) mooted.

WorldCom was the world’s biggest bankruptcy when in collapsed in 2002 with debts $41bn after it emerged that it had routinely been listing expenses as if they were revenues.

The trial of former chief executive Bernie Ebbers on fraud charges is set to begin on 9 November in New York. Ebbers denies the charges.

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