WorldCom`s Lenders Consider $3 Billion Secured Credit - 500 Beiträge pro Seite

[philae]

WorldCom`s Lenders Consider $3 Billion Secured Credit Line
9 Jul 2002, 10:27pm ET (Dow Jones Business News)


PRESS DIGEST - Wall Street Journal - July 10
10 Jul 2002, 12:41am ET

NEW YORK, July 10 (Reuters) - The following stories were
reported on the front page of The Wall Street Journal on
Wednesday:

* WorldCom`s (NASDAQ:WCOME) lenders are considering offering the telecom company a new $3 billion secured credit line,in the first sign that WorldCom and its lenders have a specific dollar amount in mind to fund continuing operations.

[stepo]

na, das klingt doch super. Dann wären Zeit und Geld da, die Sache wieder zum laufen zu bringen.
$ wir kommen.

[Performancebomber]

Ein bißchen dürftig die Nachricht, sollte mal etwas genauer betrachtet werden

[Wallgrekk]

AOL hat $10 Billionen bekommen! Warum dann nicht Worldcom? Oder besser: Sollte doch AOL Worldcom von dem $10 Billionen Kredit gleich aufkaufen

[PanikAlfred]

@Wallgrekk
Weshalb müllst Du diesen ernsthaften Thread zu?
Wenn Dir nichts am Thema liegt, dann verschwinde. Aber derartig dumme Beiträge sind überflüssig und peinlich.

[JosedelaVega]

@wallgrekk

zur Erklärung :
AOL hat den Kredit zur Tilgung von anderen
Krediten erhalten - quasi reine Weiterfinanzierung.

josé

[Performancebomber]

#4

Na ja, wäre doch ne Alternative

[Schnubbelsack]

Ich weis nicht, warum Ihr auf derartige Mitteilungen immer gleich so reagieren müsst. Lass denen doch ihr spiel. Und bleibt doch einfach nur sachlich. Ich habe mit derartigen Leuten keine probleme. Ist doch auch ab und zu ganz lustig.

[leutzsch2001]

hier zwei aktuelle nachrichten aus den usa:

WorldCom`s Lenders Consider $3 Billion Secured Credit Line

WorldCom Inc.`s (WCOME) lenders are considering providing the telecommunications company with a new $3 billion secured credit line, in the first sign that WorldCom and its lenders have a specific dollar amount in mind to fund continuing operations.
But $2.65 billion of that new credit line would be committed to paying back WorldCom lenders who provided that amount in May, before WorldCom disclosed improper accounting. That would leave WorldCom only $350 million, not nearly enough to cover further debt, of as much as $3.1 billion, that the company must repay to bondholders next year.

"That is an issue that we`re currently discussing with the banks," said Brad Burns, a spokesman for the Clinton, Miss., telecom company.

For the nearly 30 lenders that provided the $2.65 billion, a secured line would be welcome news. If WorldCom were to default, the banks would have collateral to back up the loan. The $2.65 billion that WorldCom originally borrowed was unsecured.

Tuesday, the company said it will know within three weeks whether it can obtain enough financing to avoid filing for protection under Chapter 11 of the U.S. Bankruptcy Code. People familiar with the situation said that three weeks is about the time it would take for lenders to put together a debtor-in- possession financing plan that would coincide with a bankruptcy protection filing.

WorldCom is pursuing several avenues of financing, including borrowing from traditional lenders, such as banks, or from a nontraditional lender. Mr. Burns declined to provide details on what the nontraditional avenue would entail.

Thursday, according to people familiar with the situation, WorldCom`s lenders are expected to have another conference call. The lenders have had several since June 25, when WorldCom acknowledged the $3.8 billion in improper accounting. The first several calls were held to assess the situation and to discuss whether to provide WorldCom a new secured line.

After the announcement, the banks formed a nine-bank steering committee headed up by Citigroup Inc. and Deutsche Bank AG. Thursday`s conference call, though, is expected to be the first time a more formal list of options will be presented to all the banks involved.

WorldCom projects that it will have $1.25 billion from operations next year that could be used to repay debt, but the actual amount could be lower if customers leave because of the company`s precarious status.

The company, which had $35.2 billion in revenue in 2001, has about $30 billion in debt at a time when its core business is slipping, its debt has been demoted to so-called junk status, and the banks and investors that provided capital in the past are wary of the accounting scandal.

The company said the investigation of its accounting is now going back to 1999. That probe is expected to focus on reserves the company set aside for merger-related expenses.

A sign of just how well WorldCom and its lenders are getting along could come soon. On Monday, WorldCom faces a $71 million dividend payment to owners of its MCI Group tracking stock. WorldCom established the stock last year to reflect the performance of its consumer-phone business. In May, WorldCom said it planned to eliminate the stock to save money, though it said it would make the July 15 payment.

WorldCom could face resistance from its banks in making that payment. The banks may not be willing to let even a small amount of money escape when $2.65 billion is owed to the banks, according to people familiar with the situation. WorldCom is in default to the banks, which could leave the door open for the banks to block the payment.

Mr. Burns, the spokesman, said WorldCom intends to make the payment.

Write to Shawn Young at [e-mail] and Carrick Mollenkamp at [e-mail]

Copyright (c) 2002 Dow Jones & Company, Inc.
All Rights Reserved.

eigentlich könnte man den ganzen artikel fett markieren. scheint so, daß erst einmal zeit gewonnen wurde...


dieses war der erste streich, und der zweite folgt zugleich(ist aber uninteressant, es geht darum, ob leitende angestellte von wcome bei IPOs bevorzugt aktien zugeteilt bekommen haben:

Two Lawmakers Ask Salomon if WorldCom Officials Received IPO Shares in Bid to Curry Favor

Two members of Congress have asked Salomon Smith Barney whether the Wall Street firm doled out hard-to-get shares of hot IPOs to top executives of WorldCom Inc., including former Chairman Bernard J. Ebbers, to curry favor with WorldCom.
One key focus of congressional interest, according to people familiar with the request, is Rhythms NetConnections Inc., a dot-com company whose stock soared 229% in its first day of trading in April 1999. Its shares peaked a week later, briefly trading as high as $111.50, or 431% above the initial-public-offering price of $21, before the company ran into financial problems as the stock-market bubble burst and it filed for bankruptcy protection last year.

Mr. Ebbers was among the investors who bought shares of Rhythms NetConnections at the IPO or thereafter, said a person familiar with the stock offering, though the number of shares and the price couldn`t immediately be determined. It isn`t known if, or when, he sold the shares.

Getting IPO shares during the dot-com boom was akin to being handed a windfall profit, on paper at least. Thus, it was very difficult for most investors to get shares. Wall Street firms, which have great leeway in deciding who gets the shares, generally reserved much of the stock for their most favored customers, typically wealthy investors and big mutual funds.

The written query to Salomon, a unit of Citigroup Inc., came from Pennsylvania Democrat Paul E. Kanjorski and Connecticut Republican Christopher Shays. Dated Monday, it was addressed to star Salomon telecommunications analyst Jack Grubman, who testified on Monday at the House Financial Services Committee hearing investigating the massive earnings overstatement by WorldCom.

A Salomon Smith Barney spokeswoman said the firm has received the representatives` letter, and "we are reviewing the request for information." Outlining the firm`s policy on IPO allocations, she said that "the firm allocates IPO shares broadly among institutional and retail customers based on a variety of factors. To the extent any WorldCom executives had personal accounts at SSB, they, like other SSB individual clients, could have been able to seek IPO investments through their financial consultants, and shares in IPOs would have been allocated consistent with regulatory requirements and internal policies."

However, she said the firm couldn`t comment on specific client relationships, client accounts or IPO allocations, but added, "neither the research department nor a specific analyst has responsibility for making allocations of IPOs."

When he was asked by Mr. Kanjorski during Monday`s hearing whether Salomon had given or steered hot IPO shares to senior WorldCom executives under "friends and family" programs, Mr. Grubman`s reply was vague: "I don`t recall. I`m not saying `no.` I`m not saying `yes.` " Mr. Kanjorski responded, "For an analyst, brilliant as you are, you have a terrible recollection." Friend and family stock refers to shares set aside for both relatives of employees and executives of their key business customers and suppliers.

A WorldCom spokeswoman said the company has "no information" about any possible allocation by Salomon of friends-and-family stock to either Mr. Ebbers or Scott Sullivan, WorldCom`s former chief financial officer, who was fired last month when WorldCom disclosed the earnings overstatement that led to the hearings.

Mr. Ebbers`s attorney, Reid Weingarten, didn`t return a call for comment. Mr. Ebbers, who declined to testify at the hearing, citing his constitutional right against self-incrimination, didn`t return a call either.

-- Wall Street Journal staff reporters Charles Gasparino, Susanne Craig and Randall Smith contributed to this article.

Copyright (c) 2002 Dow Jones & Company, Inc.
All Rights Reserved.


mich interessiert, ob man(wcome) die wirtschaftsprüfer verklagen kann

[xoma]

Das sieht alles noch nicht gut aus, erst wenn in den nächsten 3 Wochen klare Aussagen über den Fortgang von Worldcom gemacht werden kann sich die Sache beruhigen. Für den Kurs bedeutet das noch viel Unsicherheit.

[Wallgrekk]

Ein bißchen Spaß muss sein...sorry...

[Newman8]

Egal ob Worldcom gerettet wird oder nicht,wird es in der nächsten Zeit noch viele Möglichkeiten geben,hier sein Geld zu vermehren oder auch zu verlieren.
Meine Prognose ist die,das es nach oben geht,denn sonst wäre der Kurs wieder auf 0,06 oder so zurückgefallen.
Newmann8

[PeterHa]

Ich denke, Gerüchte sind zur Zeit schon kursbewegend, Nachrichten erst recht. Die letzten Nachrichten sind aber nicht ganz eindeutig in der Tendenz. Man gewinnt Zeit, kommt aber auch einer Insolvenz nach Ch11 näher. Wenn man für die nächsten Wochen einen Antrag auf Ch11 erwartet - da bin ich mir nicht ganz schlüssig - wer kann das auch schon beurteilen -, dann sollte man die Veröffentlichung abwarten und nach dem dann zu erwartenden Kursrutsch kaufen. Immerhin ist es schon vielsagend, dass Ch11 von den Offiziellen nicht mehr ausgeschlossen wird. Das spricht dafür, dass dieser Antrag vorbereitet wird. Möglicherweise geht es nur noch darum, in Vorvereinbarungen das Verfahren in möglichst geordneten Bahnen ablaufen zu lassen.
Ganz klar: wir werden weiter Achterbahn fahren und eine Richtung beurteilen - das kann man nur im Handel selbst (also frühestens nach den ersten erkennbaren Umsätzen in der Vorbörse, vielleicht ab 14.15 Uhr). Ein Kauf vorher ist tatsächlich ein Vabanquespiel!
Viel spricht in der Tat dafür, dass den Aktionären am Ende nichts bleibt. Bis dahin ist aber noch Zeit für wilde Kursbewegungen!

[Zacke]

Chapter 11 wird nicht ausgeschlossen, genau so wie ein Weiterbestehen, hier kann es im Moment niemand genau abschätzen, welche Variante nun wahrscheinlicher ist. Ich glaub allerdings eher nicht an ch11, denke vielmehr daß es über eine Neustrukturierung läuft.
Eigenartigerweise will allerdings auch niemand so richtig für 0,21 verkaufen.
Abwarten was die Nasdaq macht.