New York (April 15, 2003) - Communications concern WorldCom Inc., whose accounting fraud of roughly $11 billion was the driving impetus for the passage of Sarbanes-Oxley, is filing a reorganization plan April 15 that would allow it to emerge from bankruptcy protection later this year.
The company said it would also change its corporate moniker to MCI and relocate its headquarters to Ashburn, Va., from Clinton, Miss.
The plan, filed in U.S. Bankruptcy Court in New York, and which requires court approval, would leave the company with debt of between $3.5 billion and $4.5 billion. The company had more than $30 billion in debt when it filed for Chapter 11 in July 2002.
-- WebCPA staff
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