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WorldCom to file for bankruptcy

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    730 Posts.

    News just out:

    WorldCom tipped to file for bankruptcy

    Sources close to the US telecom multinational WorldCom say the company is expected to file for bankruptcy as early as Monday.

    WorldCom, which has about $190 billion in assets and transmits half the world's Internet traffic, is engulfed in a $7 billion accounting scandal.

    A bankruptcy filing would eclipse that of energy trader Enron as the world's largest insolvency.

    In 1999, shares of WorldCom were worth $115 - today they are worth 16 cents.

    The Mississippi-based company has 85,000 employees and operations in 65 countries, including Australia.

    Source: ABC


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