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Telecommunications giant WorldCom files for bankruptcy, the largest such action in U.S. history, though it's got plenty of company. Its CEO sees signs of hope in Chapter 11.

Telecommunications giant WorldCom files for bankruptcy, representing the largest such action in U.S. history, though it's hardly alone. The company says it will emerge stronger; customers may get caught holding a dead line.
WorldCom at a glance

Headquarters: Clinton, Miss. The company has operations in 65 countries, with global network coverage of 95,000 miles.

Customers: About 20 million long-distance and 2 million local telephone customers in the United States.

Assets: $104 billion as of March 31.

Subsidiaries: WorldCom claims ownership of or a stake in a number of divisions, including these:
• UUNet, a global Internet Protocol backbone system.
• MCI Group, a long-distance carrier.
• CompuServe, an e-mail provider.
• Digex, a Web-hosting service.
• SkyTel, provider of one-way and advanced messaging services.
•  Embratel Participacoes, Brazil's market leader in data services.

Source: Reuters

Seeing hope in Chapter 11
Worldcom's chief executive says that the company's bankruptcy filing could help assuage customers' fears and keep them in the fold.
July 22, 2002

Court permits $2 billion funding
The money would keep WorldCom operating during a reorganization that, if successful, could erase more than 75 percent of its debt.
July 22, 2002

WorldCom seeks severance OK
The telecommunications giant says it owes severance pay to about 5,100 former employees and requests permission from a New York federal bankruptcy court to pay them up to $23.7 million.
July 22, 2002

WorldCom files for bankruptcy
The company files for Chapter 11 bankruptcy protection after buckling under an accounting scandal and a mountain of "junk-rated" debt.
July 21, 2002

Could the Internet go dark?
The costly disruption or slowdown of service because of financially strapped telecommunication providers is the latest major concern for companies.
July 19, 2002

Europe's telecom troubles
KPNQwest watches employees walk out as the future of the troubled company remains murky. Once Europe's largest network, the company could be sold off in parts.
July 19, 2002

previous coverage
Analysts: Don't run just yet
With WorldCom teetering on the brink of bankruptcy, the company's jittery customers are being advised to hang tight for now--but also have a backup plan ready.
July 3, 2002

Drawing lessons from WorldCom
knowledge@wharton It is one of the largest scandals yet at a time when almost every week seems to call forth another case of corporate wrongdoing.
July 14, 2002 Tough times wallop tech workers
One-third of all U.S. job cuts announced in the first six months of the year came from technology companies, led by the telecom industry, a report says.
July 8, 2002 WorldCom: How it happened
special coverage Thought you had seen it all after Enron? Think again. WorldCom reports close to $4 billion in improper accounting, and the tech world reels.
July 3, 2002