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.
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