Link: WorldCom special report
The business, which entered Chapter 11 less than six months ago, has received new direction since Michael Capellas, former chief executive at computer manufacturer Compaq, took over the reigns of the ailing business. The board of directors has been radically re-shaped and a new business plan put in place.
The company has also reached a preliminary settlement with the Securities and Exchange Commission over its past actions and creditors have agreed that the best way to retain value is for WorldCom to come out from Chapter 11 as soon as possible.
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