WorldCom Debt Could Be Cut to $3 Billion
From Reuters
WorldCom Inc. may emerge from its bankruptcy reorganization with as little as $3 billion to $5 billion in debt, and more than $1 billion in cash on its balance sheet, sources said.
The company, which last year filed the world’s largest bankruptcy case in the wake of a $9-billion accounting scandal, declined to comment. A representative for the creditors’ committee did not return calls seeking comment.
The company entered Chapter 11 with $32 billion in bond debt.
WorldCom also is expected to announce that it will dump its tarnished brand name and adopt the name of its MCI residential long-distance unit, sources said.
