The company, formerly known as WorldCom, needs to complete its settlement with the SEC, which was partially agreed last autumn, in order to continue with its plan to emerge from Chapter 11 protection from bankruptcy. Any forthcoming announcement will clarify how large a fine MCI must pay for the fraud and the amount is thought to be much larger than any company has previously paid.
The SEC charged WorldCom with accounting fraud after a $3.8bn hole in its accounts was reported due to deliberate misreporting of regular line items such as capital expenditure.
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