Link: WorldCom special report
The company is expected to meet with the Securities and Exchange Commission later today, and will push its accounting shortfall up to $9bn. The company is also expected to discuss plans for a goodwill write-down of $50bn, according to the Financial Times.
The company declared a $3.8bn profits overstatement in June, but this grew to $7.1bn in August when investigators discovered more overstated profits.
But some observers said that by showing willing to correct over-aggressive accounting strategies of the past the company can clarify its future position and speed up negotiations with bondholders over a debt-for-equity swap.
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