BusinessBusiness Recovery$80bn loss for WorldCom

$80bn loss for WorldCom

US telecoms giant WorldCom, which was the subject of the biggest fraud in corporate history has posted an $80bn (£50bn) net loss for the month on December alone, according to BBC reports.

Link: WorldCom to rise from ashes

The figures are a result of the company writing down some of its assets, but if these are overlooked it still made a loss of $47m on revenues of $2.2bn.

In the terms of the companies bankruptcy settlement, WorldCom is obliged to file monthly reports. It must file a reorganisation plan by 15 April, with the aim to emerge from Chapter 11 bankruptcy protection by the summer.

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