Worldcom files for bankrupcy
Poster: Aron Schatz
Posted on July 22, 2002 at 12:51:28 AM
It's chapter 11, a restructuring of the company basically. For those that forgot, Northpoint, an SDSL provider went Chapter 11 for a few months and then fell into Chap 7 (Say bye bye to company), I was a consumer that lost like $300 in a contract for DSL service.
Quote
WorldCom, which has 85,000 employees and operations in 65 countries, aims to emerge from Chapter 11 in about nine to 12 months. The company expects to hire a restructuring expert within the next two weeks to aid the current management team.