WorldCom restructuring plan expected in April

15 Jan 2003

US-based WorldCom has confirmed that it will file a restructuring plan with the bankruptcy court by 15 April in a bid to emerge from Chapter 11 protection during the first half of the year. A review of the company’s cost structure is expected by the beginning of February. WorldCom chairman and CEO Michael Capellas has addressed the firm’s 60,000-strong workforce, warning that there will be additional job cuts, although he did not say when or how many. He made no mention of the company’s name, although it is expected that the WorldCom name will be dropped in favour of its MCI consumer brand before it emerges from bankruptcy.