• United States
by Gillian Law

MCI emerges from bankruptcy protection

Apr 20, 20041 min
Financial Services IndustryWi-Fi

MCI Tuesday said it has formally emerged from Chapter 11 bankruptcy protection and is beginning to distribute securities and cash to its creditors.

The company’s plan of reorganization, confirmed on Oct. 31, 2003, by the U.S. Bankruptcy Court for the Southern District of New York, is now effective, MCI (formerly known as Worldcom) said. Worldcom filed for bankruptcy in July 2002, with debts of $32.8 billion, but was able to continue operating under Chapter 11 of the U.S. Bankruptcy Code.

MCI is confident it will be able to capitalize on new trends in the telecommunications industry, using its global network in 150 countries on six continents, it said. The company has retained all of its largest corporate customers and has signed many new accounts, it said.

MCI will roll out new products and services in the next few weeks and months, and will announce several new partnerships. it said.