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WorldCom Seeks Court Approval of Pact
Posted: 22-Jul-2002 [Source: Reuters]

[World Com files bankruptcy and looks to reorganization efforts in hopes of erasing 75% of its debt.]

by Jessica Hall, Philadlephia -- "A day after filing the world's largest corporate bankruptcy, WorldCom Inc. WCOME.O on Monday said it would seek court approval of $2 billion in funding to keep operating during a reorganization that, if successful, could erase more than 75 percent of its debt.

WorldCom, the No. 2 U.S. long-distance telephone and data services company, filed for Chapter 11 bankruptcy protection on Sunday, brought down by a $3.85 billion accounting scandal and a mountain of junk-rated debt. The bankruptcy does not include its international operations.

The company, which transmits half of the world's Internet traffic, plans to hire a restructuring expert to aid the current management team. It aims to emerge from Chapter 11 in about nine to 12 months with less than a quarter of its $30 billion debt load."

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