Verizon Communications is spearheading an effort to derail MCI’s pending emergence from Chapter 11 bankruptcy protection, according to a high-profile article from The Wall Street Journal. In the WSJ interview, William Barr, general counsel for Verizon Communications, argues that the bankruptcy process should not be a mechanism that enables companies to benefit from their fraudulent behavior. Michael Salisbury, MCI’s general counsel, counters that the company was not built or created by fraud and that substantial changes have taken place during the restructuring.
http://www.wsj.com
- On 14-April-03, WorldCom filed its proposed Plan of Reorganization with the U.S. Bankruptcy Court, relocated its headquarters from Clinton, Mississippi to Ashburn, Virginia and changed its brand name back to MCI.