Apr 14, 2003 : WorldCom Files Reorganization Plan

📅 April 14, 2003 - Communications carrier WorldCom Inc. (worldcom.com) submitted its plan for reorganization this week, saying it intends to emerge from bankruptcy with a new name and a new chief financial officer, carrying only a small part of its former debt load under a plan that gives creditors more control of the company.

The company named Robert Blakely as its chief financial officer. Blakely was previously CFO of Lyondell Chemical and the former Tenneco Inc.
Last year, WorldCom submitted the largest bankruptcy filing in history following an accounting scandal that saw the company incorrectly report almost $11 billion dollars. This week the company said it would drop the WorldCom name and take on MCI, the name of the company's residential long-distance telephone brand.
The company's headquarters will move from Clinton, Mississippi to Ashburn, Virginia. WorldCom says its plan calls for the company to reduce its debt load to between $3.5 billion and $4.5 billion, and provides the it with a cash cushion of $1 billion, a significant improvement over the approximately $41 billion in debt that led to the bankruptcy filing.

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