📅 - MCI (mci.com) announced late Monday that it has received U.S. District Court approval for its proposed settlement with the U.S. Securities and Exchange Commission (SEC).
The $750 million settlement calls for a $500 million cash payment and a $250 million payment in common stock to bondholders and shareholders, upon emergence from chapter 11 protection. The penalty, according to presiding judge Jed Rakoff, was administered ?not just to impose penalties but to help stabilize and reorganize the company and thereby help preserve more than 50,000 jobs and obtain some modest, if inadequate, compense for those shareholder victims who would otherwise recover nothing whatever from the company itself.? MCI chairman and CEO, Michael Capellas emphasized MCI's commitment to corporate governance. "We have committed to being a role model of corporate governance and the significant changes we have already implemented are a testament to that commitment.? Capellas added that the company ?remains on track? to emerge from chapter 11 bankruptcy protection later in the fall. Formerly WorldCom, MCI is a global communications provider that provides advanced communications to businesses, governments and consumers. With a global Internet backbone spanning six continents and 140 countries, MCI serves more than 20 million business and residential customers worldwide.
Reads: 1949 | Category: General | Source: TheWHIR : Web Host Industry Reviews URL source: http://www.thewhir.com/marketwatch/mci070803.cfm
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📅 - MCI (mci.com) announced late Monday that it has received U.S. District Court approval for its proposed settlement with the U.S. Securities and Exchange Commission (SEC). 
Reads: 1949 | Category: General | Source: TheWHIR : Web Host Industry Reviews