Worldcom wird Insolvenz anmelden - Ankündigung - 500 Beiträge pro Seite

[Troddel]

Was denkt ihr, wie wird der Kurs morgen verlaufen?


Reuters Business Report
WorldCom Says to File Bankruptcy Sunday

PHILADELPHIA (Reuters) - WorldCom Inc. said it will file Chapter 11 bankruptcy protection later Sunday in the nation`s largest insolvency after the long-distance telephone and data services company buckled under a $3.85 billion accounting scandal and a mountain of "junk-rated" debt.


The company said it expects to get up to $2 billion in funding that would allow it to keep operating under a bankruptcy reorganization, WorldCom Chief Executive John Sidgmore said in a telephone interview.

The bankruptcy would not include the company`s international operations, Sidgmore said. WorldCom, which has 85,000 employees and operations in 65 countries, aims to emerge from Chapter 11 with a stronger balance sheet in about nine to 12 months.

WorldCom last month disclosed it hid $1.2 billion in losses by failing to report $3.85 billion in expenses and was charged with fraud by the U.S. Securities and Exchange Commission. Its accounting debacle followed financial scandals at collapsed energy trader Enron Corp. and sparked outraged from President Bush and Congress.

The Chapter 11 filing by WorldCom would follow once high-flying companies like energy trader Enron Corp. and Global Crossing Ltd., which crumbled into bankruptcy amid a crush of accounting investigations by federal regulators.


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[Micky_Maus]

Glaube, der Kurs wird sich verdoppeln!

[easydogi]

da es keine überraschung ist, dass die insolvenz anmelden, wird der kurs steigen. weil endlich klarheit herrscht und es nur besser werden kann.

[ORGASMATRON]

Ich mach mir mehr Sorgen um AOLtime-warner.

Worldcom kann ja nicht mehr sooooo tief fallen

AOL schon.

[bummelo]

Montag 22. Juli 2002, 00:48 Uhr
WorldCom kündigt Antrag auf Gläubigerschutz an







Philadelphia, 22. Jul (Reuters) - Der angeschlagene US-Telekomkonzern WorldCom hat noch für Sonntag einen Antrag auf Gläubigerschutz angekündigt. Es wäre die größte Insolvenz in der US-Wirtschaftsgeschichte.
WorldCom-Chef John Sidgmore sagte in einem Telefoninterview, eine Übergangsfinanzierung in Höhe von rund zwei Milliarden Dollar solle der Firma ein Weiterarbeiten während des Gläubigerschutzes ermöglichen. Die internationalen Aktivitäten des Konzerns seien nicht betroffen. WorldCom ist in 65 Ländern tätig und hat 85.000 Angestellte. Die Firma wolle nach neun bis zwölf Monaten den Gläubigerschutz mit einer stärkeren Bilanz wieder verlassen, hieß es.

Im vergangenen Monat hatte WorldCom eingestanden, Verluste in Höhe von 1,2 Milliarden Dollar verschleiert zu haben, indem Ausgaben über 3,85 Milliarden Dollar in den Bilanzen nicht ausgewiesen wurden

[Micky_Maus]

Chiquita Banana-- standen die nicht auch ein Jahr unter Gläubigerschutz? Wurden erfolgreich saniert und notieren jetzt bei 16$ an der Börse. Freilich sind dies die neuen Chiquita-Aktien.

Frage ist also, ob und zu welchem Verhältnis die WCOME/MCITE- Aktien in neue WCOM getauscht werden.

[Gatsby2]

Hey Micky, schon wieder an den neuesten Sachen dran, und doch immer noch bei Nahrungsmitteln.

Kaffee, Donuts und Bananen -- fast ein gutes Frühstück, und offenbar auch ein nettes Portfolio.

Zum Thema Aktien unter Gläubigerschutz fällt mir natürlich auch was ein: Globalstar.

[Micky_Maus]

Hey Gatsby,

auch noch wach zu so später Stund? Hattest du bei unserem Treffen nicht vor Worldcom gewarnt wg der hohen Schulden?

Naja, ich glaub mein restliches Geld leg ich in Bundesschatzbriefe an!

[Gatsby2]

Sagte ich wirklich Worldcom? Oder meinte ich doch vielleicht Deutsche Telekom??

Aber S C H A T Z B R I E F E?? -- Passen die denn wirklich zu Deiner Anlagestrategie?

[Micky_Maus]

Was willste machen? Mein Depot mit US-Aktien hat sich seit 2 Jahren mehr als halbiert, eine Pleite nach der anderen, Bilanzierungstricks, selbst bei soliden Aktien wie JNJ kann man nicht mehr sicher sein. Und Bush rasselt mit dem Säbel.

Hatte ja auch mal ein paar 100 LMT im Depot, grr..., hätte ich sie doch noch.


Gut Nacht!

[Gatsby2]

`Nacht, Micky.

(LMT is bei mir auch raus.)

[Radiergummi]

Jetzt ist es soweit!!!!
Laut N-TV hat Worldcom Insolvenz angemeldet!!!

[HMHM]

WorldCom Files for Chapter 11
Sun Jul 21, 9:06 PM ET

NEW YORK (AP) - WorldCom Inc. filed for bankruptcy protection Sunday, almost four weeks after the telecommunications giant disclosed nearly $4 billion in deceptive accounting.




The filing, which had been expected, is the latest in a stunning series of corporate collapses and biggest bankruptcy in U.S. history.

WorldCom chief executive John Sidgmore told The Associated Press Sunday that his company had negotatiated approximately $2 billion in financing while it reorganizes. The company, which is hiring a restructuring team to ease the process, hopes to emerge from bankruptcy in 12 months.

He said the bankruptcy should have no effect on the company`s customers — from long-distance users to corporate data users.

"At the end of the day, this really will be business as usual," he said. "We don`t think that there will be any significant impact on the employees and vendors, for that matter, and we should have plenty of cash to make it."

Sidgmore said the company will look at selling some of its noncore assets, and that "potentially includes some of our Latin American facilities" and wireless resale business. "Certainly not UUNet or MCI or any of the core assets."

UUNET owns and runs some of the Internet`s biggest thoroughfares in the United States while MCI is the company`s core long distance business.

He said the bankruptcy won`t include the company`s international operations.

The deceptive accounting, investigations and collapse of WorldCom follow costly scandals at other big-name companies, including Adelphia Communications, Global Crossing and Enron, all of which have filed for bankruptcy protection as they attempt to pay creditors and reorganize their businesses.

With more than $100 billion in assets reported at the end of March, a WorldCom bankruptcy would be twice as large as Enron`s record-setting filing and four times as big as Global Crossing`s in January.

In Washington, FCC ( news - web sites) spokesman David Fiske said the commission "is staying in touch with the WorldCom situation very closely and will be using the full extent of its statuary authority to protect consumers against any abrupt termination of service and to protect the integrity of the telecommunications network."

Clinton, Miss.-based WorldCom admitted June 25 that it falsely accounted for $3.85 billion in expenses, which had the effect of inflating profits. That same day, it fired chief financial officer Scott Sullivan, who was subsequently accused by the company`s auditor, Arthur Andersen, of withholding crucial information about WorldCom`s bookkeeping.

WorldCom also announced that it would lay off 17,000 workers, or 20 percent of its global work force.

Even before the hidden expenses were exposed, WorldCom was engulfed in financial turmoil.

WorldCom`s stock price traded as high as $64.50 in June 1999. However, shares of WorldCom and other telecommunications companies have slid ever since as the dot-com bubble burst and other market forces caused an industrywide implosion.

The high-speed Internet infrastructure that telecom companies had been building — and hyping — throughout the late 1990s lost much of its value very quickly once it became apparent there was little consumer demand for the services being offered over this so-called broadband network.

The long-distance sector, meanwhile, has been pounded by falling rates and growing competition from local Baby Bells, who have received federal permission to hone in on the market. Long-distance carriers such as WorldCom`s MCI are also losing business as customers grow fond of e-mail and cell phones.

In March, the SEC launched a wide-ranging investigation into WorldCom that included a review of $408 million in loans made to former chief executive Bernie Ebbers. WorldCom stockholders sued the company`s board over those loans.

A month later, Ebbers resigned amid mounting concerns about the loans and the purported growth and financial health of the company he founded in 1983. He was replaced by John Sidgmore, whose plan to restructure the company by cutting costs and selling assets will now take place through the bankruptcy process.

The SEC investigation also focused on disputed customer bills, sales commissions and the value of outstanding contracts between WorldCom and customers no longer deemed financially viable.

As a result, the major credit agencies eventually cut WorldCom`s long-term debt rating to junk status.

In June, the SEC filed fraud charges against WorldCom. Agency chairman Harvey Pitt said the action was taken to prevent the company from destroying documents or making payouts to WorldCom executives past or present while the SEC continues investigating.

Also in June, a top officer at Worldcom acknowledged to insiders the company was violating accounting standards but indicated the telecom giant might fail if it reported its financial condition honestly, according to internal documents turned over to Congress.

WorldCom, which has $30 billion in debt, has been in talks to raise $3 billion in financing. Last week, the company reached an agreement with creditors that prevents the company from selling any of its subsidiaries until October.

Earlier this month, a much smaller communications company, IDT Corp., announced an unsolicited $5 billion bid to buy WorldCom`s MCI long-distance business and other assets.

MCI was acquired in 1998 for $37 billion. It is the nation`s second largest consumer long-distance provider after AT&T Corp.

WorldCom grew from a small long-distance company into a telecommunications force through more than 60 acquisitions over 15 years.

The expansion ceased abruptly, though, in 2000, when U.S. and European regulators blocked WorldCom`s proposed $129 billion merger with Sprint Corp. Regulators contended that the merger would have left millions of Americans paying more for Internet and long-distance services.

[HMHM]

WorldCom faces fight for survival

By Jeffry Bartash, CBS.MarketWatch.com
Last Update: 9:15 PM ET July 21, 2002




CLINTON, Miss. (CBS.MW) - What next?

That`s what WorldCom`s investors, customers and employees are hoping to find out in the next few days, but for many, there`ll be a long and agonizing wait. The company hopes to re-emerge from bankruptcy within a year.

While WorldCom`s filing has been widely expected, the move will still send shockwaves through the telecommunications industry as rivals line up to lure WorldCom`s customers or to acquire its most valuable assets. See full story.

The company`s management, meanwhile, is expected to try to strike quick agreements with creditors in a bid to emerge debt-free and mostly unscathed.

Industry analysts and legal experts aren`t counting on it.

Corporate customers are looking for exits. Suppliers are demanding hard cash up front. Angry investors are seeking their day in court. And the company has lost a lot of talent amid the turmoil.

"The brand has been damaged beyond repair," asserted Patrick Comack, an analyst at Guzman & Co.

Seeds of disaster

In late June, WorldCom fessed up to concealing $3.85 billion in expenses, which enabled the company to record profits instead of actual losses in all of 2001 and in the first quarter of 2002. The company fired Scott Sullivan, its longtime chief financial officer.



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NEWS FOR WCOME
WorldCom: A bankruptcy primer
WorldCom: What`s next for investors, customers?
WorldCom files for Ch. 11 bankruptcy
More news for WCOME

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The shocking revelation triggered a chain of events -- including federal and congressional investigations -- that quickly drained WorldCom of precious cash reserves and forced it to seek protection from creditors.

The company, which has been laboring under the strain of $33 billion in debt, claimed $103.8 billion in assets at the end of the first quarter.

Still, analysts believe the company`s value is only a fraction of that, with most estimates ranging from $10 billion to $15 billion. Some peg it even lower.

The Federal Communications Commission has, as a last resort, the legal power to prevent the company from abruptly shutting its network down. That would at least give customers time to switch providers if the worst-case scenario develops. The prospect of a shutdown is considered remote, however.

Banks balk

WorldCom sought to avoid bankruptcy by soliciting fresh loans, but its consortium of bank lenders balked at providing a cash infusion to what they viewed as a financially doomed entity. They even sued for the return of an unsecured $2.65 credit line that WorldCom drew shortly before the scandal emerged, thereby sealing the company`s fate.

The pending bankruptcy proceedings could set bank lenders and bondholders against each other.

Under bankruptcy rules, suppliers of debtor-in-possession financing jump to first in line among creditors. They get paid before anyone else. Next are suppliers who provide goods and service while the company is under Chapter 11 protection.

Bankers and bondholders will fight over what`s left, along with companies that supplied WorldCom before it filed for bankruptcy.

Common shareholders, legally the last in line among creditors, will lose the remaining value of their stock. On Friday, WorldCom (WCOME: news, chart, profile) closed at 9 cents. At its peak, the stock traded at $64.

What`s next?

While bankruptcy proceedings can be complex, contentious and uncertain, WorldCom faces three basic choices: The company can try to re-emerge mostly intact. It can concentrate on its core data and Internet operations and jettison everything else. Or it can sell out to industry rivals.

Creditors will have a significant voice in the outcome, but the bankruptcy judge will also play a vital role. He could even remove decision making from WorldCom management and appoint an independent trustee to determine the company`s fate. See: Bankruptcy Basics.

Executives will probably push to keep the company largely intact, but such a deal depends on whether creditors believe the carrier has an excellent chance to survive once its debt is reduced or eliminated.

Analysts are skeptical. They note that WorldCom has been burning up cash at an excessive rate, a sign of subpar management or diminished demand for its services. In addition, many top network managers have already left, and thousands of lower-level employees have been laid off.

"WorldCom is putting a rosy picture on this, but I can`t buy that you can take 25,000 people out of the organization and it not have an impact," said Dave Neil of Gartner, an industry consulting group. "And the most talented people are always the first to leave."

At any rate, creditors would want shares in a newly capitalized company in exchange for canceling WorldCom`s debt obligations. Yet that would put them in position to control the carrier, a responsibility that many large investors might shy away from.

Buyers beware

If that`s the case, they might prefer that WorldCom sell many or even all of its assets. Creditors would take what they could get.

The limited option is for WorldCom to sell its consumer and business voice operations and other minor assets and emerge strictly as a global data and Internet supplier for large corporations. The company`s UUNet business, purchased in the mid-1990s, is the world`s premier data carrier.

The phone operations, a legacy of the ill-conceived MCI acquisition in 1998, have already drawn one prospective buyer: Newark, N.J.-based IDT Corp. said it`s willing to pay as much as $5 billion. Industry analysts have also speculated on a possible bid from Verizon or another Baby Bell.

One possible hitch: The sale of MCI would primarily involve the list of WorldCom`s customers. Some hard assets would be involved, but UUNet is the main carrier of traffic that flows over WorldCom`s network.

The third and most controversial option is the sale of the entire company.

While most analysts think the Baby Bells are an ideal match, they could face financial, legal and technical hurdles in attempting such an acquisition.

For starters, the company`s financial situation is still quite murky, and WorldCom needs to come totally clean before a potential suitor will press ahead with a buyout.

"Nobody is going to want to assume that company`s liabilities until it`s been seriously scrubbed," said Scott Cleland, head the Precursor Group, an industry research firm that predicted WorldCom`s demise.

The Baby Bells are also unwilling to pay a hefty price for WorldCom in light of the depressed condition of their own stock and the high level of their own debts.

Capitol games

Many Washington lawmakers, meanwhile, are loath to accept the sale of WorldCom to a Baby Bell. Such a deal would need federal permission, but Congress would view it as a major setback to a landmark 1996 law aimed at promoting competition in the phone industry.

Last week, several influential senators criticized Federal Communications Commission Chairman Michael Powell after he suggested that a Baby Bell might have to be allowed to buy WorldCom to ensure the survival of its network.

Yet legal analysts point out that a decision on whether to allow a merger primarily rests with the U.S. Justice Department. It could find that the threat of a WorldCom failure supersedes antitrust concerns.

Even if it does, some network consultants voice concern about the ability of the Baby Bells to manage a huge long-distance data and international network -- areas in which the local phone giants have little or no expertise.

Complicating matters is the varied nature of WorldCom`s network, the result of more than 70 phone-company acquisitions in 20 years.

"They never fully integrated hardly any of them. Operationally, it was a real disaster," said consultant Phil Jacobson, founder of Network Conceptions and a 14-year veteran at MCI.

For anyone who ends up with the bulk of WorldCom`s assets, Jacobson said, "this will be a big construction project."

Jeffry Bartash is a reporter for CBS.MarketWatch.com in Washington.

[HMHM]

Montag 22. Juli 2002, 04:55 Uhr
WorldCom stellt Antrag auf Gläubigerschutz





(neu: Antrag gestellt, Einzelheiten)
Philadelphia, 22. Jul (Reuters) - In dem größten Konkurs der US-Wirtschaftsgeschichte hat am Sonntag der Telekomkonzern WorldCom Antrag auf Gläubigerschutz gestellt. Vorausgegangen war das Eingeständnis der Firma, Kosten in Höhe von 3,85 Milliarden Dollar nicht korrekt verbucht zu haben. Weltweit hatte dies die Finanzmärkte in Aufruhr versetzt.

WorldCom-Chef John Sidgmore sagte in einem Telefoninterview, eine Finanzierung in Höhe von bis zu zwei Milliarden Dollar (1,98 Milliarden Euro) solle der Firma ein Weiterarbeiten während des Gläubigerschutzes ermöglichen. Die internationalen Aktivitäten des Konzerns seien von der Insolvenz nicht betroffen.

WorldCom bezifferte seine Vermögenswerte auf 107 Milliarden Dollar, die Schulden auf 41 Milliarden Dollar. Das Unternehmen hat mehr als 20 Millionen Kunden und befördert über seine Leitungen rund die Hälfte der weltweiten Internet-Kommunikation.


BIS ZU ZWÖLF MONATE IM GLÄUBIGERSCHUTZ

"Wir denken, dass wir aus dem Prozess nach Kapitel 11 (dem Gläubigerschutz) als stärkere und gesündere Firma hervorgehen werden", sagte Sidgmore. Die Firma wolle den Gläubigerschutz nach neun bis zwölf Monaten wieder verlassen. Mit der Insolvenz würden auch jährliche Zinszahlungen von zwei Milliarden Dollar hinfällig, die WorldCom auf seine Schulden zahlen müsse, sagte Sidgmore.

Die Firma will nach eigenen Angaben binnen zwei Wochen einen Sanierungsexperten einstellen, der der Firmenleitung assistieren soll. Die Finanzierung für die Übergangszeit soll nach Angaben aus mit der Situation vertrauten Kreisen von Citigroup (NYSE: C - Nachrichten) , J.P. Morgan Chase & Co. und der Finanzierungssparte von General Electric (NYSE: GE - Nachrichten) bereitgestellt werden.


UMTAUSCH VON SCHULDTITELN IN AKTIEN ANGESTREBT

Sidgmore sagte, WorldCom erwarte eine Reduzierung der Schulden durch einen Tausch von Schuldtiteln in Aktien. Damit erhielten die Gläubiger des Unternehmens Anteile an der umstrukturierten Firma. "Wir hatten über unsere Anwälte und Banken sehr positive Gespräche mit den Anleihe-Inhabern", sagte der WorldCom-Chef. "Ich denke, dass wir die Leute davon überzeugen können, dass der Besitz unserer Aktien ein gutes Geschäft ist."

Im vergangenen Monat hatte WorldCom eingestanden, Verluste in Höhe von 1,2 Milliarden Dollar verschleiert zu haben, indem Ausgaben über 3,85 Milliarden Dollar in den Bilanzen nicht ausgewiesen wurden. Die WorldCom-Aktie schloss am Freitag an der New Yorker Technologiebörse Nasdaq beim Stand von neun US-Cent. 1999 wurde die Aktie noch mit 64 Dollar gehandelt.

WorldCom ist in 65 Ländern tätig. Nach Abschluss von bereits angekündigten Entlassungen wird das Unternehmen rund 60.000 Menschen beschäftigen.

nmk

[xoma]

Endlich Klarheit - JS wird sein Versprechen halten und spätestens in 12 Mon. eine gute Bilanz vorlegen.
Ich denke er hatte keine andere Wahl, aber jetzt ist die Zukunft gesichert und er kann beweisen, dass er gute Arbeit macht.

[ZockerFreak]

WKN
881477
Name
WORLDCOM GRP
BID
.06 EUR
ASK
.09 EUR
Zeit
2002-07-22 08:19:40 Uhr

[xoma]

Wird WCOM heute überhaupt gehandelt ?

[TomSec]

Denke schon!

[Müpfi]

Auf diese Meldung hat doch jeder gewartet.
Jetzt ist natürlich wieder eine Chance da auf (teilweise) Sanierung des Unternehmens.
Es wird also wíeder Fantasie aufkommen wie bei vielen Unternehmen, die Insolvenz angemeldet haben.

Somit ist der Wert eine klare Spekulation in den nächsten Tagen!!

Müpfi

[PeterHa]

Ziel wird/muss es sein, in den 12 Monaten die Schulden zu reduzieren. Das lässt sich über Verkäufe machen oder so, dass Schulden in Aktien umgetauscht werden. Wie auch immer: die Rechnung dafür bezahlen die Altaktionäre, diejenigen, die jetzt Aktien besitzen. Nicht selten werden bei ähnlichen Ankündigungen wie jetzt gerade (man will als starkes Unternehmen in 12 Monaten CH11 verlassen) die jetzigen Aktien wertlos (siehe Exodus)!
Der Wert ist, zumindest die nächsten Wochen, zum Zocken geeignet. Er ist auf keinen Fall eine Longposition. Diejenigen, die im Oktober Exodusaktien unter ganz ähnlichen Vorbedingungen angefangen haben zu horten, stehen jetzt mit leeren Händen da: die Aktien sind eingezogen worden und werden nicht mehr gehandelt! Die Ankündigungen des Managments gleichen sich dabei, was nicht heisst, dass es zwangsläufig so kommen muss. Aber ich würde sagen, dass auf längere Sicht das Spielcasino die bessere Chance bietet, wenn man dort fünfmal hintereinander seinen Einsatz auf Schwarz setzt!

[ZockerFreak]

Noch keine taxe in Frankfurt/Xetra !!!

Doch kein handel heute?

ZockerGruss

[TomSec]

Bleibt dann doch wohl ausgesetzt - schade

[xoma]

@PeterHa - WCOM ist weder Exodus noch Enron, es können überhaupt keine Vergleiche gemacht werden und JS hat grossen Ehrgeiz, er hat sehr gute Karten, da er auch nicht an dem Chaos beteiligt war.

[xoma]

Es wurden Mr. Katzenbach and Mr. Beresford in den Vorstand berufen - das sind zwei ganz hochrangige !!!


President and CEO Predicts `Healthier, Stronger` Company

Operations to Continue Normally

Filing does not apply to non-U.S. entities

Katzenbach and Beresford Join Board of Directors

Clinton, Mississippi, July 21, 2002 - WorldCom, Inc. (Nasdaq: WCOME, MCITE) today announced that WorldCom and substantially all of its active U.S. subsidiaries filed voluntary petitions for reorganization under Chapter 11 of the U.S. Bankruptcy Code in the United States Bankruptcy Court for the Southern District of New York. Chapter 11 allows a company to continue operating in the ordinary course of business and to maximize recovery for the company`s stakeholders. The filings will enable the company to continue to conduct business as usual while it develops a reorganization plan.

WorldCom`s non-U.S. subsidiaries are not included in the filing and will also continue to operate normally.

WorldCom also announced that it has obtained an agreement to arrange up to $2 billion in Debtor-in-Possession (DIP) financing. The company already has secured a commitment of $750 million of this amount from Citibank, N.A., JP Morgan Chase Bank and General Electric Capital Corporation. This facility is being arranged by Salomon Smith Barney Inc., JP Morgan and General Electric Capital Markets Group, Inc. The facility will be used to supplement the company`s cash flow during the Chapter 11 proceedings and is subject to approval by the Bankruptcy Court.

Once approved, the arrangement will provide an immediate source of funds to WorldCom, allowing the company to operate its business normally while it focuses on its new strategic plan, restructures its finances, reduces its debt burden and strengthens its balance sheet. This additional liquidity will enable the company to satisfy customary obligations associated with the daily operations of its business, including the timely payment for new services, employee wages and other obligations.

"Chapter 11 enables us to create the greatest possible value for our creditors, preserve jobs for our employees, continue to deliver top-quality service to our customers and maintain our role in America`s national security," said John Sidgmore, president and chief executive officer of WorldCom. "We will use this time under reorganization to regain our financial health and focus, while operating with the highest integrity. We will emerge from Chapter 11 as quickly as possible and with our competitive spirit intact."

WorldCom currently employs more than 60,000 people in 65 countries and serves over 20 million residential and business customers. It also operates the world`s largest Internet network.

"Our total focus will be to take this company forward in the best way possible and with the highest ethics so that WorldCom can continue to be an important part of our economy. To that we are totally committed," said Sidgmore.

To this end, WorldCom announced the election of two new members to its Board of Directors; Nicholas deB. Katzenbach and Dennis R. Beresford. Mr. Katzenbach currently is a private attorney and previously served as Attorney General of the United States (1965-66), Under Secretary of State for the United States (1966-69), and as Senior Vice President and General Counsel of IBM Corporation (1969-86). Mr. Beresford currently is Professor of Accounting at the Terry College of Business, University of Georgia and previously served as Chairman of the Financial Accounting Standards Board (1987-97). Mr. Katzenbach and Mr. Beresford have not previously been involved in the company`s affairs.

Following their election as Directors, Mr. Katzenbach and Mr. Beresford were appointed to a Special Investigative Committee of the Board to conduct an independent review of the Company`s accounting practices and preparation of financial statements. This Special Committee will take on the oversight role with respect to the previously-announced investigation led by William R. McLucas into these matters.

"The additional board members of this caliber demonstrate our seriousness in attracting independent board members and establishing a quality governance structure for our corporation. Their willingness to serve is also an indication of the importance of our company`s future," said Sidgmore.

[woody1]

Ist ein Direkthandel mit Schnigge oder L&S möglich? Jedenfalls bekomme ich hier einen Kurs vom EUR 0,05 angezeigt. Ist ein Verkauf zu diesem Kurs sinnvoll? Bin zu 0,11 reingegangen.

Gruß Woody

[lacostali]

Na verkauf doch zu 0,05, da werden sich bestimmt manche freuen, insolvenz ist doch bereits im kurs drinn, hat doch jeder gewusst, es kann jetzt nur bergauf gehen, würde dir gerne zu 0,05 abkaufen

[diddelmax]

ich nehme sie dir zu 0.51 ab.

[diddelmax]

oh, korrektur.

zu 0.055

[woody1]

@lacostani
Neee, is nich mit Verkauf. Ein bisschen will ich ja auch dabei verdienen. Wird wohl so sein, entweder ich bezahle meinen Urlaub mit einem möglichen Gewinn oder es gibt nur 2 Wochen Gartenarbeit

[Saccard]

Leute,
wer darauf spekuliert, daß beim Konkurs noch was übrig bleibt, kauft Worldcom ANLEIHEN. Keine Aktien.

Aktionäre habe NULL Rechte bei einem Konkurs bis auch der letzte Gläubiger zufriedengestellt ist. Und da Worldcom nicht alle Schulden bezahlen kann, gehen die Altaktionäre leer aus.

Also, wer wirklich möchte soll Anleihen kaufen und auf einen Tausch in Aktien setzen.

Am besten aber ganz raushalten.

Gruß
S.

[xoma]

Das sieht ja nicht gut aus - Die Worldcom-Aktionäre dürften bei dem Konkursverfahren völlig leer ausgehen, erklärten US-Rechtsexperten.


Worldcom-Chef verspricht rasches Ende des Konkursverfahrens

"Wir werden die Zeit der Reorganisation nutzen, unsere finanzielle Gesundheit und Ausrichtung wieder zu erlangen", sagte Worldcom-Chef John Sidgmore. Der Konzern werde aus dem Konkursverfahren "so schnell wie möglich herauskommen". Sidgmore war erst vor wenigen Monaten Worldcom-Chef und Nachfolger des langjährigen Konzernchefs Bernie Ebbers geworden.

Worldcom wolle mit höchster Ethik operieren, sagte er. Aus diesem Grund habe das Unternehmen zwei neue Verwaltungsratsmitglieder gewählt. Nicholas Katzenbach ist Anwalt und früherer US-Justizminister. Dennis R. Beresford ist Buchführungs-Professor an der Universität von Georgia. Sie wurden zu Mitgliedern eines Untersuchungsausschusses des Verwaltungsrates gemacht, um eine Überprüfung der Rechnungsführungspraktiken und der Vorbereitungen von Finanzmitteilungen von Worldcom zu machen.

Worldcom ist in mehr als 65 Ländern aktiv und hat nach der Entlassung von 17.000 Beschäftigten noch mehr als 60.000 Mitarbeiter. Die Gesellschaft hat mehr als 20 Millionen Telefon- und Tausende von Unternehmenskunden. Worldcom betreibt auch das weltgrößte Internet-Netzwerk. Der Konzern hat einen Umsatz von 35,2 Mrd. $. Die Worldcom-Aktien sind von 64,50 $ im Jahr 1999 auf nur noch neun Cent abgestürzt. Die Worldcom-Aktionäre dürften bei dem Konkursverfahren völlig leer ausgehen, erklärten US-Rechtsexperten.

[lacostali]

Ich sage nur eins jungs, das einzige was ich bei w:o gelernt
habe ist, dass man kaufen muss wenn alle wie bescheuert nach verkauf schreien, und dass man verkauft wenn alle sich die zukunft rosa ausmalen, hat immer bestens funktioniert. Ich werde heute ode morgen meine position verdoppeln oder verdreifachen, denn es gibt solche geschenke an der boerse nicht jeden tag. Verkauft bloss, ich nehms euch ab.

[diddelmax]

@
#33 lacostali
ganz deiner meinung, ich werde auch nochmal nachlegen.

[lacostali]

Ausserdem bin ich überzeugt, dass jeder der hier über insovenz spricht nur eins im kopf hat, billig reinzugehen, ihr treumt nur von den kursen von 0,01, aber das ist doch wirklich völlig utopisch und jenseits aller vernunft, solche giganten wie worlcom wird es nicht zu solchen preisen geben, träumt weiter, ich weiss wovon ich spreche, diese strategie ist mir sehr bekannt, ich verbreite hier ein bisschen panik und warte ab bis die zittrigen verkauft haben, hinter dieser basherei steckt nur die gier dahinter billiger reingehen zu wollen.

[Big-Apple]

WorldCom, Crippled by Debt, Files Largest Bankruptcy (Update1)
New York, July 22 (Bloomberg)

WorldCom Inc. filed the largest bankruptcy in U.S. history, pledging to salvage a company hobbled by accusations of fraud and dwindling cash.

The company sought Chapter 11 protection from creditors in U.S. Bankruptcy Court in Manhattan, listing $107 billion of assets and $41 billion of debt, including $24 billion in bonds. The decision was anticipated for weeks after WorldCom said it hid $3.85 billion in costs over five quarters to boost profit.

WorldCom, which handled more than half the world`s Internet traffic and employed 85,000 people as its market value rose above $100 billion, was founded in 1983 in a Mississippi diner. It grew through more than 75 acquisitions to become the second-biggest U.S. telecommunications provider.

``WorldCom is better off in bankruptcy,`` said Gary Hindes of Deltec Asset Management Corp. ``They`re burning through cash like crazy.`` Bankruptcy lets them ``come out with a clean slate.``

Filing for Chapter 11 may help WorldCom survive.

Plummeting Fortunes

WorldCom arranged a $2 billion bankruptcy credit line to help fund operations during its reorganization. J.P. Morgan Chase & Co., Citigroup Inc. and General Electric Co.`s GE Capital unit agreed to provide the loan, secured by company assets. The company will ask a judge for $750 million pending approval of the full amount, WorldCom spokesman Brad Burns said.

The Clinton, Mississippi-based company`s fortunes have plummeted since 1999, when it was gobbling up rivals and challenging the long-distance dominance of AT&T Corp. Declining sales and growing debt squeezed the industry and wiped out more than $100 billion in the company`s market value.

The company, with more than 20 million customers, said the bankruptcy reorganization has a positive side.

``Chapter 11 enables us to create the greatest possible value for our creditors, preserve jobs for our employees, continue to deliver top-quality service to our customers and maintain our role in America`s national security,`` Chief Executive Officer John Sidgmore said in a statement.

Unanimous Decision

WorldCom`s board agreed to seek Chapter 11 protection at a meeting Sunday afternoon. The filing doesn`t cover WorldCom`s international operations, Burns said.

``They look like a going concern even after you adjust for the $3.85 billion,`` said Edward Altman, a professor at New York University`s Stern School of Business.

WorldCom`s shares, which already had fallen, have plunged more than 90 percent since June 25 when WorldCom disclosed the accounting irregularities. They traded as high as $62 in 1999 and sold for 9 cents on Friday, and the bankruptcy is likely to make them worthless. WorldCom bonds trade at pennies on the dollar.

Co-founded by Bernard Ebbers, WorldCom borrowed in excess of $30 billion to fund its acquisitions at the height of the 1990s technology boom.

Biggest Purchase

The biggest purchase netted long-distance unit MCI Communications Corp. for $47 billion in 1998. WorldCom`s sales peaked at $35.9 billion in 1999 and fell to $35.2 billion in 2001.

Federal Communications Commission Chairman Michael Powell said in a statement he didn`t think service would be disrupted for WorldCom`s customers.

By law, a telecommunications carrier must notify the FCC and file for regulatory permission to begin shutting down service to voice or data customers. Federal law then prohibits the company from ending service for at least 31 days, a period Powell said he would extend if necessary to protect consumers.

Record Pace

WorldCom`s filing adds to what already was a record pace for U.S. corporate bankruptcies this year. Before WorldCom, 131 public companies with about $150 billion in assets had filed, according to BankruptcyData.Com.

Last year, 255 publicly traded companies put $260 billion of assets under court protection, almost triple the record that had stood for a decade. That figure includes Enron Corp.`s then-record $63.4 billion bankruptcy in December.

Global Crossing Ltd., the fiber-optic network owner that filed for bankruptcy in January, is among the victims of the collapse in telecommunications companies. Dozens in the industry filed in the past two years, including At Home Corp., Winstar Communications Inc. and PSINet Inc.

Banks cut off credit to WorldCom after the Securities and Exchange Commission filed fraud charges and the company`s financial restatement triggered a $2.65 billion loan default.

The company is also under investigation by the Justice Department and at least two congressional committees. WorldCom is conducting an internal accounting probe back to 1999 that lawmakers say may reveal another $1 billion in misreported costs.

Ebbers` Resignation

Ebbers resigned as chairman in April, owing WorldCom more than $408 million for loans. Sidgmore, vice chairman of WorldCom since 1996, took over as CEO and WorldCom replaced auditor Arthur Andersen LLP. Chief Financial Officer Scott Sullivan was fired.

The company is firing 17,000 workers and has said it will sell wireless assets and operations in Latin America and Japan to raise cash. It missed a $79 million payment on Monday and has said it would save $71 million by not paying a scheduled stock dividend.

WorldCom may shed some debt by swapping bonds for equity because the company will have difficulty raising cash from asset sales, investors say.

``There`s a lot of value here, and bondholders are going to want it, so it`s going to be contentious,`` said Eric Tutterow, an analyst at KDP Investment Advisors. Bondholders may get 20 cents on the dollar in stock of a reorganized company, he said.

J.P. Morgan Trust Co., representing bondholders owed $17.2 billion, is listed in the federal court filing as WorldCom`s largest creditor. Other top creditors are Mellon Bank NA, trustee for bondholders owed $6.6 billion, and Citibank NA, trustee for bondholders owed $3.29 billion.

Voting Shares

J.P. Morgan Chase & Co., owed more than $3 billion, is the largest single bondholder listed in the filing. Deutsche Bank AG is owed more than $240.7 million for a bank loan, court papers show.

At Sunday`s meeting, WorldCom`s board approved two board members to succeed Ebbers and Sullivan. The company plans to name Nicholas Katzenbach, a former U.S. attorney general, and Dennis Beresford, a professor of accounting at the University of Georgia who formerly served as the chairman of the Financial Accounting Standards Board.

WorldCom will hold a press conference at 9 a.m. in New York to discuss the bankruptcy.

Quelle: http://www.bloomberg.com/

Weitere US-Finanzseiten: http://www.USA-Pool.com
.

[Schnubbelsack]

ist nur eine Probe!!!!!