BusinessBusiness RecoveryMCI facing £560m recovery bill

MCI facing £560m recovery bill

Fresh from its emergence from Chapter 11 bankruptcy protection, MCI is said to have built up a massive professional services bill with two Big Four firms earning a substantial share of the estimated $1bn (£560m) tab.

Link: MCI emerges from WorldCom ashes

The Times reported a source close to the company as claiming the costs associated with the bankruptcy were much higher than first thought following massive bills from lawyers, accountants and consultants.

KPMG, MCI’s auditor, and Deloitte, which provided support to the company’s finance department were both paid well, the source told The Times.

During 2003, MCI spent $800m on professional services fees, and is believed to have spent between $200m and $300m this year.

Related Articles

Investment firm acquires Avon Steel Company Limited

Business Recovery Investment firm acquires Avon Steel Company Limited

1w Emma Smith, Managing Editor
Manchester law firm enters into administration

Business Recovery Manchester law firm enters into administration

1w Emma Smith, Managing Editor
KPMG appoints new global head of insolvency

Business Recovery KPMG appoints new global head of insolvency

4w Emma Smith, Managing Editor
EY hired by Carillion to review finances

Accounting Firms EY hired by Carillion to review finances

5m Alia Shoaib, Reporter
Using insolvency as a debt recovery tool

Business Recovery Using insolvency as a debt recovery tool

6m Emma Smith, Managing Editor
UK government should support mid-sized businesses to create a ‘new economy’ post-Brexit, says BDO report

Business Recovery UK government should support mid-sized businesses to create a ‘new economy’ post-Brexit, says BDO report

8m Alia Shoaib, Reporter
Over 800 jobs saved as Endless LLP acquires Jones Bootmaker

Business Recovery Over 800 jobs saved as Endless LLP acquires Jones Bootmaker

9m Emma Smith, Managing Editor
FRP Advisory expands operation with new office, partner appointments

Accounting Firms FRP Advisory expands operation with new office, partner appointments

10m Emma Smith, Managing Editor