WorldCom to face bankruptcy on Monday?
So it seems
Scandal-hit WorldCom could file for bankruptcy protection by Monday, according to a report by Reuters.
Citing sources familiar with the situation the report claimed that the giant telco - which carries half the world's Net traffic - has secured $2 billion in funding that should enable it to stay afloat once it files for Chapter 11.
If the bankruptcy goes ahead then it would be the biggest ever example of a company going titsup.
WorldCom hit the headlines last month when the carrier admitted that it had fiddled its books the tune of $3.8bn.
And it has around $30bn in debt. ®