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OCAU News |
WorldCom goes pop!
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Tuesday, 23-July-2002 01:11:46 (GMT +10) - by Agg
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OZEight sent this in: WorldCom files largest bankruptcy ever. With $107 billion in assets, WorldCom's bankruptcy is the largest in United States history, dwarfing that of Enron Corp. The Houston-based energy trader listed $63.4 billion in assets when it filed Chapter 11 late last year.
Why is this interesting? Well, apart from the massive financial ripples it will send through the global economy, WorldCom own the single biggest chunk of the Internet. WorldCom, which operates the world's largest Internet network, employs 60,000 people in 65 countries. However, The bankruptcy would have no immediate effect on its customers, according to statements from both the company and Michael Powell, chairman of the Federal Communications Commission.
"I want to assure the public that we do not believe this bankruptcy filing will lead to an immediate disruption of service to consumers or threaten the operation of WorldCom's Internet backbone facilities," Powell said.
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