MCI breaks free from Chapter 11
'A tribute to the human spirit'
MCI/WorldCom has formally emerged from Chapter 11 bankruptcy protection today after spending the last two years clearing up the mess left behind from a damaging accounting scandal.
The US telco has now formally ditched the tainted name of WorldCom and is now known as MCI, Inc. Over the last two years the WorldCom name has been dragged through mud as the company battled to untangle itself from a web of financial lies.
Still today is not about that, well, not for MCI president and CEO Michael D Capellas. His take on today's announcement is that it's a new start, a clean sheet and a massive effort by everyone concerned.
"MCI's turnaround is a tribute to the human spirit and the amazing will of our 50,000 dedicated employees. This is a symbolic day for MCI employees, who have remained committed to serving our customers. I feel a great sense of pride for all we've accomplished together."
"We are emerging with a new board and management team, a sound financial position, unmatched global assets, a strong customer base and industry-leading service quality.
"Our emergence is not the finish line, it's the beginning of a new race. Somewhere between telecommunications and computing there's a new kind of company, and that's what MCI will be."
It's enough to bring a tear to a glass eye. ®
MCI to axe 4,000 US jobs
MCI appeals ancient EC decision
WorldCom gets sums wrong by $74bn
Bernie Ebbers faces criminal charges
Worldcom allowed once more to bid for Federal contracts
Court waves through Worldcom bankruptcy plan