The company, which says it has enough cash on hand to meet short-term expenses, also says it is negotiating to obtain a $1 billion loan package.
Accounting irregularities uncovered at WorldCom by internal auditors in late June forced the company to restate its past earnings.
The restatements meant that WorldCom was in default on some of its loans. The carrier's creditors could have demanded immediate repayment on those loans, but have not done so yet.
WorldCom has about $30 billion in long-term debt, but no major payments are due on that debt until next year. Unless the carrier obtains further funding, it may have trouble meeting a scheduled $2 billion payment next January, said CEO John Sidgmore.
If the creditors were to demand immediate repayment, they could drive WorldCom into bankruptcy.
WorldCom recently revealed that the company's chief financial officer had overstated the company's earnings for 2001 and the first quarter of 2002 by recording $3.85 billion in expenses as capital expenditures. Once the $3.85 billion was properly accounted for, WorldCom's profits in 2001 and the first quarter of 2002 turned into losses.
The company is also investigating whether there are any irregularities with its 2000 and 1999 financial reports.
Sidgmore said that as of last week, no major customers had canceled their contracts.
The General Services Administration, which relies on WorldCom as a preferred telecom provider for government agencies, announced last week that it was reviewing its contract with WorldCom.
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