The approval comes two months after the Oklahoma state attorney filed criminal charges against MCI and six former employees including the former chief executive Bernie Ebbers and former chief financial officer Scott Sullivan.
Bankruptcy Court judge Arthur J Gonzalez has cleared MCI’s Plan of Reorganisation, which includes a new board of directors, a retention of all business assets and a focus on profitability growth.
Seven new executives have been appointed including a new chief financial officer, general counsel plus a chief ethics officer.
MCI chairman and CEO Michael Capellas said: ‘MCI has a strong set of assets, including the world?s farthest-reaching IP backbone, a restructured financial position with strong cash flow, and a healthy balance sheet.’
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