BusinessBusiness RecoveryWorldCom restates $2bn of accounts

WorldCom restates $2bn of accounts

WorldCom is to restate its financial accounts by another $2bn, the third restatement in three months.

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.

Related Articles

Investment firm acquires Avon Steel Company Limited

Business Recovery Investment firm acquires Avon Steel Company Limited

3d Emma Smith, Managing Editor
Manchester law firm enters into administration

Business Recovery Manchester law firm enters into administration

3d Emma Smith, Managing Editor
KPMG appoints new global head of insolvency

Business Recovery KPMG appoints new global head of insolvency

3w 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