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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wireless and worldcom inc. - All News and Analysis
Nextel's effort to buy WorldCom assets under greater scrutiny.(News)
- 2003-07-21
Byline: JEFFREY SILVA WorldCom Inc.'s proposed $144 million sale of fixed wireless assets to Nextel Communications Inc. potentially faces far more obstacles than initially thought, a situation that a federal bankruptcy judge is set to address Byline: JEFFREY...
Nextel snags WorldCom wireless assets in court.(News)
- 2003-07-07
Byline: JEFFREY SILVA Nextel Communications Inc. came out of nowhere to win the auction of bankrupt WorldCom Inc.'s wireless assets with a $144 million bid, more than doubling the original offer by BellSouth Corp. two months ago. ...
Sound off! (Wireless Focus).(Brief Article)
- 2002-08-05
Two former WorldCom execs recently surrendered to FBI for their role in the company's $4 billion fraud scandal Do you think corporate Leaders should be held personally responsible for their companies' financial, wrongdoing? [] Yes [] No ...
Carriers take Worldcom subscribers. (News).
- 2002-08-05
The trials and tribulation of WorldCom Inc.'s wireless customers soon may be coming to an end as the bankrupt telecom company announced plans to transfer most of its subscribers onto its carrier partners' networks ahead of its planned September exi The trials and tribulation...
WorldCom Plans to Drop Wireless Customers.
- 2002-07-30
By Nancy Dillon, Daily News, New York Knight Ridder/Tribune Business News By Nancy Dillon, Daily News, New York Knight Ridder/Tribune Business News
Regulators try to calm jitters. (News).
- 2002-07-15
WASHINGTON -- WorldCom Inc.'s Loud financial crash last week reverberated far beyond simple long-distance telephone services, echoing into other turbulent areas such as the wireless industry's regulatory climate. The long-distance company's swan dive had regulators at Least rhetorically scrambling to assure...
WorldCom plans wireless exit.
- 2002-07-08
With the possibility of bankruptcy hanging heavy over the company and investors finally able to react to its financial transgressions, WorldCom Inc. reiterated plans last week to divest its wireless business and secure additional funding to help se With the possibility of bankruptcy hanging...
Few buyers for WorldCom mobile biz.
- 2002-07-01
In an unfortunate game of bad accounting tit-for-tat, WorldCom Inc. last week trumped previous heavyweight Enron as the poster child for how to bring a once-proud company to its knees by not counting money properly. The fallout from WorldGom' ...
Congressman's wireless influence likely to suffer due to WorldCom probe. (News).
- 2002-07-01
WASHINGTON--The ability of Rep. Chip Pickering (R-Miss.) to champion legislation that reforms spectrum management and secures frequencies for third-generation wireless systems could be hindered by the accounting scandal at WorldCom Inc. WASHINGTON--The ability of Rep. Chip Pickering (R-Miss.) to champion legislation...
Wireless and the summertime blues. (Opinion).(Column)
- 2002-06-10
If there ever was a time that proves there's nothing new under the sun, this summer--with its own climatic and financial drought conditions--is it. The real question is whether anyone who is trying to do business in wireless realizes it. On...
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