Link: WorldCom special
Gonzalez will preside over a confirmation hearing, where WorldCom, now known as MCI, will set out its reorganisation plan, in what is expected to be a packed court of lawyers, creditors and expert witnesses, according to the New York Times.
If the plan is approved the last stumbling block will be removed to rid the company of more than $30bn of debt.
The proposal would see shareholders lose their investments and secured creditors would be forced to take on newly issued stock.
Experts expect the plan to be approved, but with modifications, the New York Times said.
WorldCom collapsed into Chapter 11 in July 2002 with an estimated $11bn accounting hole.
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