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April 20, 2004

MCI back from Chapter 11

WorldCom finally hauled itself out of Chapter 11 yesterday, officially changing its name to MCI Inc and pledging to roll out new partnerships and products over the coming months.

By CBR Staff Writer

The company’s reorganization plan went into effect almost two years after it announced accounting irregularities that rapidly tipped it into Chapter 11. It eventually admitted misstating its figures to the tune of over $9bn.

With its emergence from Chapter 11, the company has begun to redistribute cash and securities to creditors, in line with the reorganization plan approved by the courts last October.

Despite spending two years in the twilight world of Chapter 11, during which time the telecoms and communications markets have only become more competitive, the company yesterday insisted it would be operating from a position of strength.

In a statement, chairman and CEO Michael Capellas said the ability to offer converged communications was the key to success, and that MCI was uniquely positioned to do this. The firm said it had retained all of its top customers through the Chapter 11 period, as well as adding new ones.

Over the coming weeks and months, it said, it would extend its IP leadership position, with new products and services, as well as new partnerships.

This article is based on material originally published by ComputerWire

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