Link: Follow the WorldCom saga
It means the company will have inflated profits by an unbelievable $9bn in the final two years running up to the biggest collapse in corporate history.
The restatement comes a day after the publishing of a report by lawyer Richard Thornburgh which stated former chief, Bernie Ebbers, had borrowed $1bn against his WorldCom stock.
A statement issued by the company in response remains defiant: ‘Restatements of past accounting have no impact on its ability to continue to provide service to its customers nor on its ability to emerge from bankruptcy protection which it expects to take place in mid-2003.’
The second largest improvement in ‘significant’ levels of financial distress since the EU Referendum was in professional services, found research from Begbies Traynor
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