BNET Industries
- Private
- US
Dow Jones Description
Located in Clinton, MS. WorldCom is one of the world's largest telecommunications companies with 20 million consumer customers, thousands of corporate clients and 80,000 employees. MCI refers to its long distance service. It also owns UUNet, controlling the wires that Internet service providers use as superhighways to carry Internet traffic between cities and across continents. Even before the recent accounting disclosures, by 2001, WorldCom was already going through financial turmoil due to large debt and declining rates and revenue. Growth in the telecommunications industry was slowing and the company had too much network capacity. The company was deep in debt from an ambitious buying spree. There were also the controversial $408 million loans to CEO Bernie Ebbers to cover his margin calls on loans secured by company stock.
Peer Companies
NAICS Code Wired Telecommunications Carriers: 517110
News & Analysis
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Judge Approves Oklahoma's Settlement with WorldCom That Promises 1,600 Jobs.
- 2004-03-25
By Don Mecoy, The Daily Oklahoman Knight Ridder/Tribune Business News By Don Mecoy, The Daily Oklahoman Knight Ridder/Tribune Business News
Oklahoma Companies Endure Erratic 2003; Trials, Tribulations Among Top Stories.
- 2003-12-31
By Paul Monies, The Daily Oklahoman Knight Ridder/Tribune Business News Dec. 31--It was a topsy-turvy year for Oklahoma business, with the state's top financial stories encompassing everything from fraud and flying to war and weather. For ordinary Oklahomans, the...
Restorative powers; Dubel's job: straighten out WorldCom's books.(News)(WorldCom Inc.'s new chief financial officer, John Dubel)
- 2003-02-10
Byline: erik ipsen By the time John Dubel signed on as the chief financial officer at WorldCom Inc. last July, the company's suppliers, customers and creditors were in an uproar, and its 77,000 employees were in a state of deep shock. ...
Five Hundred Colorado Springs, Colo., WorldCom Employees Will Need New Jobs.
- 2002-12-06
By Chris Walsh, The Gazette, Colorado Springs, Colo. Knight Ridder/Tribune Business News By Chris Walsh, The Gazette, Colorado Springs, Colo. Knight Ridder/Tribune Business News
WorldCom to Cut 500 Jobs in Colorado Springs, Colo.
- 2002-11-23
By Chris Walsh, The Gazette, Colorado Springs, Colo. Knight Ridder/Tribune Business News By Chris Walsh, The Gazette, Colorado Springs, Colo. Knight Ridder/Tribune Business News
Financial and leadership crisis in telecommunications: enterprise managers need to gauge carriers' stability. That means evaluating the provider's finances, leadership and employee morale.
- 2002-10-01
Even before events of the last several months pummeled the reputations and purses of established providers such as WorldCom, Qwest and Genuity, the industry had been reeling beneath the weight of a crisis. More than 75 percent of the small and new Even...
University of Georgia Accounting Professor Takes Tough Job with WorldCom.
- 2002-07-27
The Atlanta Journal-Constitution Knight Ridder/Tribune Business News The Atlanta Journal-Constitution Knight Ridder/Tribune Business News
Corporate scandals zap local economy; Uncertainty, fear casts a pall over every type of biz activity.(Brief Article)(Statistical Data Included)
- 2002-07-08
Chicago's economy is feeling the aftershocks of Enron Corp. and WorldCom Inc.'s financial debacles and is bracing for trouble ahead. The massive restatements of earnings and disclosures of accounting irregularities at the once-golden companies hav Chicago's economy is feeling the aftershocks of Enron...
WorldCom layoffs latest hit on Colorado Springs economy
- 2002-07-05
With a big layoff at WorldCom's Colorado Springs location, the latest blow to the region's sagging economy, still optimistic area economists predict things will improve in the third or fourth quarter, and no later than early next year. Exact numbers are unavailable, but WorldCom reportedly slashed hundreds of jobs in...
Australian staff of EDS avoid WorldCom job cuts.
- 2002-07-03
Jul 03, 2002 (The Australian Financial Review Jul 03, 2002 (The Australian Financial Review
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