BusinessBusiness RecoveryWorldCom to rise from ashes

WorldCom to rise from ashes

Collapsed telecom company WorldCom could emerge intact from Chapter 11 protection from bankruptcy by the middle of the year despite suffering from the largest accounting fraud ever seen in US corporate history.

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.

Related Articles

Investment firm acquires Avon Steel Company Limited

Business Recovery Investment firm acquires Avon Steel Company Limited

4d Emma Smith, Managing Editor
Manchester law firm enters into administration

Business Recovery Manchester law firm enters into administration

4d 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