وورلد كوم تسعى لإعادة الهيكلة بعد إعلان إفلاسها   
الاثنين 1423/5/13 هـ - الموافق 22/7/2002 م (آخر تحديث) الساعة 3:00 (مكة المكرمة)، 0:00 (غرينتش)
929 ( AFA CSA LBY RWSA RWS REULB GNS ABX BNX SXNA GBLXQ.PK ENRNQ.PK WCOME.O WCOM .O MCITE.O CPX ) N2243551 UPDATE 6-WorldCom files Chapter 11 bankruptcy (Adds comment from creditors in paragraph 12) By Jessica Hall PHILADELPHIA, July 21, (Reuters) - WorldCom Inc. filed the largest U.S. bankruptcy on Sunday after the long-distance telephone and data services company buckled under a $3.85 billion accounting scandal and a mountain of junk-rated debt. WorldCom's accounting debacle has deepened investor unease on Wall Street in recent weeks, sending markets to their lowest level since 1998, and prompted President George W. Bush to call for a government crackdown on unethical business conduct. "Because we're going to restructure our balance sheet and reduce our debt, we think we can emerge from the Chapter 11 process a stronger and healthier company," WorldCom Chief Executive John Sidgmore said in a telephone interview. WorldCom, which has 60,000 employees and operations in 65 countries, said it expects to hire a restructuring expert to aid the current management team, and it aims to emerge from Chapter 11 in about nine to 12 months. The bankruptcy does not include its international operations. The company, which has more than 20 million customers and transmits half the world's Internet traffic, said it will have access to up to $2 billion in debtor-in-possession (DIP) funding to keep operating, maintain its network and pay employees under the bankruptcy reorganization. The Clinton, Mississippi-based company plans to appear at the U.S. Bankruptcy Court for the Southern District of New York on Monday to seek approval for the DIP funding. The trouble at WorldCom, which listed $107 billion in assets and $41 billion in debt, followed that suffered by high-flying companies like energy trader Enron Corp. and Global Crossing Ltd., which crumbled into bankruptcy amid a crush of accounting investigations by federal regulators. WorldCom last month disclosed it improperly recorded $3.85 billion in expenses and fired its former chief financial officer, Scott Sullivan, who it alleged orchestrated the accounting debacle. Former chief executive Bernie Ebbers resigned under pressure in April. WorldCom was charged with fraud by the U.S. Securities and Exchange Commission and faces lawsuits from several state pension funds, which alleged it provided misleading information during a 2001 bond offering. DEBT-FOR-EQUITY SWAP EXPECTED The company expects to reduce its debt through a debt-for-equity swap that would give bondholders an ownership stake in the reorganized company, Sidgmore said. "We've had very positive conversations through our lawyers and bankers with the bondholders so far. ... I think we're going to be able to convince people that owning our equity is a good deal. As we emerge from bankruptcy stronger I think the company will have very good prospects," Sidgmore said. In a statement, the major bondholders of WorldCom and its subsidiaries said they would cooperate with the company and supported "immediately moving toward a reorganized capital structure ... that reestablishes their investment-grade ratings." Meanwhile, WorldCom's current stockholders will recover little, if any, value for their investment. Shares of WorldCom closed Friday at 9 cents on Nasdaq. The company's stock, which rocketed to $64 in 1999, had made it one of the darlings of the Wall Street bull market. The drop epitomized the bombed-out telecom industry that collapsed in a glut of capacity, excess debt and accounting scandals. The $2 billion funding pact, as well as savings from interest payments on debt, will cover WorldCom's funding requirements over the next year, Sidgmore said. "We think ... we'll emerge from bankruptcy without any other additional requirements," Sidgmore said. "I think it's fair to say that we will use some of the DIP financing early on, but we will leave the lion's share of it untapped." The bankruptcy status, which shields it from its creditors and debts, will free up about $2 billion a year in interest payments WorldCom normally must pay on its massive debt load, Sidgmore said. "That's really the overhang on WorldCom for the past year and half, or two years. With the mountain of debt we had ... (it) requires a couple of billion a year in interest payments. And that kind of gets in your way," Sidgmore said. Citigroup Inc., J.P. Morgan Chase & Co. and General Electric Co.'s GE Capital financing arm agreed to arrange the funding, which will be backed by the company's assets. WorldCom expects to get $750 million immediately. WorldCom's bankruptcy filing listed J.P. Morgan Trust Co. National Association as the largest unsecured creditor, with bond debt of $17.2 billion. It said Mellon Bank N.A. holds $6.6 billion of WorldCom debt, while Citibank N.A. owns $3.29 billion. WorldCom said it has not lost any of its major customers and it did not expect the bankruptcy to hurt service. "With the DIP financing, we're much more stable financially than we would have been under another scenario. I see no chance of service disruptions or network outages or all these things that people have been concerned about," Sidgmore said. Since WorldCom's problems escalated, rivals such as Sprint Corp. and AT&T Corp. said they had seen a spike in inquiries from customers looking to switch carriers. J.P. Morgan analyst Marc Crossman recently estimated WorldCom could lose as much as $700 million in quarterly revenues if corporate and government clients defect to rival carriers. "The WorldCom brand is going to take a big hit too. If they do emerge, they will have a big job reinvigorating the brand since customers don't associate it with good things anymore," said independent telecommunications analyst Jeffrey Kagan. REUTERS 0439 220702 GMT الولايات-المتحدة/وورلدكوم/اقتصاد موسع-ثان وورلدكوم تعلن افلاسها واشنطن 22-7 (اف ب)- اكدت شركة وورلدكوم الاميركية العملاقة للاتصالات في بيان اصدرته انها وضعت نفسها تحت حماية الفصل الحادي عشر من القانون الاميركي للافلاس امس الاحد. وكانت محكمة منطقة جنوب نيويورك اوردت في وقت سابق عبر موقعها على الانترنت تفاصيل طلب الافلاس الذي اودعته لدى المحكمة ثاني اكبر شركة في مجال الاتصالات للمسافات البعيدة في الولايات المتحدة. وقد اودع الطلب في الساعة 20,55 بالتوقيت المحلي امس الاحد (00,55 ت غ اليوم الاثنين), كما افادت وثيقة الايداع المسجلة لدى المحكمة. واوضحت الوثائق التي سلمتها الشركة الى المحكمة ان القيمة الاجمالية للموجودات التي اعلنت عنها وورلدكوم تبلغ 107 مليارات دولار وان مجموع ديونها يبلغ 41 مليارا. وتواجه وورلدكوم منذ اسابيع عدة فضيحة مالية كبيرة منذ ان كشفت في نهاية حزيران/يونيو عن مخالفات في الحسابات تبلغ قيمتها حوالى ثلاثة مليارات و85 مليون دولار. ولعبت هذه الاعترافات دورا مهما في التراجع القوي لاسواق البورصة الاميركية منذ بداية تموز/يوليو. واكد رئيس مجلس ادارة الشركة جون سيدغمور الاحد ان شركته ستستفيد من "مرحلة الوضع تحت الحماية لتستعيد صحتها المالية مع مواصلة عملياتها بنزاهة تامة". واضاف بيان الشركة نقلا عن سيدغمور, "سنخرج من الفصل الحادي عشر باسرع وقت ممكن ومن دون ان نخسر شيئا من قدرتنا على المنافسة". ويشكل هذا الفصل جزءا من القانون الاميركي حول الافلاس ويسمح لشركة تعاني من مشاكل مالية بالاستمرار في العمل بينما تبحث عن اتفاق مع دائنيها. ويجعل مبلغ ال107 مليارات من الموجودات المعلن عنه من افلاس وورلدكوم اكبر عملية افلاس في التاريخ الاميركي. وسجلت الرقم القياسي السابق شركة انرون للطاقة عندما اعلنت لدى وضع نفسها تحت حماية الفصل الحادي عشر من قانون الافلاس في كانون الاول/ديسمبر, ان قيمة موجوداتها تبلغ 60 مليار دولار. الا ان هذا المبلغ تضاءل شيئا فشيئا بشكل كبير مع تقدم الدائنين في عملية التدقيق في الحسابات. وستواجه وورلدكوم ديونا كبيرة لم تعد تستطيع التعامل معها بعد ان تراجع سهمها في البورصة الجمعة الى 9 سنتات. ولدى الشركة اكثر من 20 مليون مشترك في خدماتها الهاتفية. وهي ايضا الاولى في العالم في تقديم خدمات الانترنت. BC-US-WorldCom-Bankruptcy, 3rd Ld-Writethru,1208 WorldCom files for bankruptcy, largest in U.S. history Eds: SUBS grafs 6-7 pvs bgng 'Drake Johnstone...' with four grafs to UPDATE with FCC comment, add details on financing; DELETES redundant 14th graf pvs 'In Washington...; ADDS photo numbers, graphic, Web sites With BC-US-WorldCom-Telecom Future, BC-US-WorldCom-Components. AP Photos 121-23,125, WX101; AP Graphic TOP BANKRUPTCIES By MATT MOORE= AP Business Writer= NEW YORK (AP) _ Telecommunications giant WorldCom Inc. filed for bankruptcy protection, about a month after disclosing it had inflated profits by nearly dlrs 4 billion through deceptive accounting. The bankruptcy _ the largest in U.S. history _ is the latest in a stunning series of corporate collapses that have jarred investors, convulsed Wall Street, and alarmed lawmakers and regulators in Washington. WorldCom chief executive John Sidgmore told The Associated Press Sunday that his company had negotiated approximately dlrs 2 billion in financing while it reorganizes. The money will be used to pay vendors and operating expenses, pending approval from the bankruptcy court judge. The company hopes to emerge from bankruptcy in 12 months. Sidgmore said the bankruptcy should have no effect on the company's customers _ from long-distance users to corporate data users. "At the end of the day, this really will be business as usual," he said. "We don't think that there will be any significant impact on the employees and vendors, for that matter, and we should have plenty of cash to make it." Michael K. Powell, chairman of the Federal Communications Commission, echoed Sidgmore's comments. "While I am deeply concerned by this development, 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. Drake Johnstone, a telecom analyst with Davenport & Co. in Richmond, Virginia, said the banks providing the new money hope WorldCom will be able to emerge from Chapter 11 as a viable enterprise. The infusion of cash includes dlrs 750 million from Citibank N.A., JP Morgan Chase Bank and General Electric Capital Corp. "My concern with that scenario is it's unclear what other surprises WorldCom has in store," Johnstone said. "The (internal) audit is not complete. At this point we don't know how much revenue or cash flow the company has." Sidgmore said the company would look into selling some of its peripheral businesses, but not key franchises like MCI or UUNET. MCI is the company's core long-distance business; UUNET is a major Internet player. Despite the bankruptcy, no immediate disruptions are expected for WorldCom's millions of MCI long-distance customers or at UUNET, which accounts for 29 percent of the capacity on the nation's busiest Web routes. Sidgmore said the bankruptcy won't include the company's international operations. The collapse of WorldCom follows costly scandals at other big-name companies, including Adelphia Communications, Global Crossing and Enron, all of which have filed for bankruptcy as they attempt to pay creditors and reorganize their businesses. The bankruptcy would be twice as large as Enron's record-setting filing in December and four times as big as Global Crossing's in January. In its filing, WorldCom reported more than dlrs 107 billion in assets but said its liabilities total more than dlrs 65 billion. Among the creditors listed in the filing are bondholders J.P. Morgan Trust Company, which has an unsecured claim of dlrs 17.2 billion; Mellon Bank, N.A., with a claim of dlrs 6.6 billion; and CitiBank, with a claim of nearly dlrs 3.3 billion. Sidgmore said WorldCom is cooperating with investigators to "help them find the bad guys, punish the bad guys and leave the company alone." WorldCom admitted June 25 that it had falsely booked dlrs 3.85 billion in expenses to make it appear more profitable. The same day, it fired chief financial officer Scott Sullivan, who was later accused by company auditor Arthur Andersen of withholding crucial information about WorldCom's bookkeeping. Clinton, Mississippi-based WorldCom also announced that it would lay off 17,000 workers, or 20 percent of its global work force. Even before the hidden expenses were exposed, WorldCom was struggling. Its stock price traded as high as dlrs 64.50 in mid-1999. But shares of WorldCom and other telecommunications companies have slid ever since as the dot-com bubble burst and other market forces caused an industrywide implosion. As of Friday, a WorldCom share could be had for 9 cents. The high-speed Internet infrastructure that telecom companies built _ and hyped _ throughout the late 1990s lost much of its value almost overnight once it became apparent there was little consumer demand for the services being offered over so-called broadband networks. The long-distance sector, meanwhile, has been pounded by falling rates and growing competition from local Baby Bells, who have received federal permission to hone in on the market. Long-distance carriers such as WorldCom's MCI are also losing business as customers gravitate toward e-mail and cell phones. In March, the SEC launched a wide-ranging investigation of WorldCom that included a review of dlrs 408 million in loans made to former chief executive Bernie Ebbers. WorldCom stockholders sued the company's board over those loans. A month later, Ebbers resigned amid mounting questions about the loans and the financial health of the company he founded in 1983. He was replaced by Sidgmore. SEC investigators also focused on disputed customer bills, sales commissions and the value of contracts between WorldCom and customers no longer deemed financially viable. Major credit agencies eventually cut WorldCom's long-term debt rating to junk status, and in June the SEC filed fraud charges against the company. WorldCom has been in talks to raise dlrs 3 billion in financing. Last week, the company reached an agreement with creditors that prevents the company from selling any of its subsidiaries until October. Earlier this month, a much smaller communications company, IDT Corp., announced an unsolicited dlrs 5 billion bid to buy WorldCom's MCI long-distance business and other assets. MCI, the nation's second largest consumer long-distance provider after AT-and-T Corp., was acquired by WorldCom in 1998. WorldCom grew from a small long-distance company in Mississippi into a telecommunications force through more than 60 acquisitions over 15 years. The expansion ceased abruptly, though, in 2000, when U.S. and European regulators blocked WorldCom's proposed dlrs 129 billion merger with Sprint. Regulators contended that the merger would have left millions of Americans paying more for Internet and long-distance services. ___= On the Net: WorldCom: http://www.wcom.com U.S. Bankruptcy Court, Southern District of New York: https://ecf.nysb.uscourts.gov/cgi-bin/login.pl وورلدكوم ترفع اكبر دعوى افلاس امريكية . من جيسيكا هول فيلادلفيا 22 يوليو تموز /رويترز/ رفعت مؤسسة وورلدكوم امس الاحد اكبر دعوى افلاس امريكية بعد ان تداعت شركة الاتصالات الهاتفية الخارجية وخدمات البيانات تحت وطأة فضيحة محاسبة حجمها 85ر3 مليار دولار وجبل من الديون عالية المخاطر. وفاقمت ازمة المحاسبة في وورلدكوم من قلق المستثمرين ازاء وول ستريت في الاسابيع الاخيرة مما ادى الى تهاوي الاسواق الى ادنى مستوياتها منذ عام 1998 ودفع الرئيس جورج بوش الى الدعوة الى شن حملة حكومية صارمة على الممارسات غير المنضبطة في الشركات. وقال جون سيدجمور الرئيس التنفيذي لوورلدكوم في مقابلة هاتفية //نظرا لاننا سنعيد هيكلة ميزانيتنا العمومية ونخفض ديوننا فاننا نعتقد اننا سنخرج من عملية الفصل الحادي عشر شركة اقوى واكثر عافية.// وقالت وورلدكوم التي يبلغ حجم موظفيها 60 الف موظف وتشمل عملياتها 65 دولة انها تتوقع الاستعانة بخبير اعادة هيكلة لمساعدة فريق الادارة الحالي وانها تهدف للخروج من الوضع الخاص بموجب الفصل الحادي عشر خلال ما بين تسعة شهور و12 شهرا. ولا تتضمن حالة الافلاس العمليات الدولية للشركة. ولدى الشركة اكثر من 20 مليون عميل وتتولى نصف عمليات نقل بيانات شبكة الانترنت على مستوى العالم. وقالت الشركة انها ستتمكن من السحب من تمويل خاص حجمه ملياري دولار لمواصلة التشغيل والمحافظة على شبكة عملياتها ودفع رواتب الموظفين بموجب عملية اعادة التنظيم. وجاءت متاعب وورلدكوم التي تبلغ اصولها 107 مليارات دولار وديونها 41 مليار دولار عقب سلسلة ازمات مدمرة في شركات كبرى مثل انرون كورب وجلوبال كروسينج ليمتد اللتين انهارتا تحت وطأة فضائح محاسبة. وكشفت وورلدكوم الشهر الماضي انها سجلت بشكل غير سليم 85ر3 مليار دولار في صورة نفقات. وفصلت الشركة كبير المديرين الماليين سكوت سوليفان بزعم انه المسؤول عن فضيحة المحاسبة. وفي مواجهة الضغوط العنيفة استقال الرئيس التنفيذي السابق بيرني ايبرز في ابريل نيسان. واتهمت لجنة البورصات واسواق المال الامريكية وورلدكوم بالاحتيال. كما تواجه الشركة دعاوى قضائية من عدة صناديق معاشات حكومية تزعم ان وورلدكوم قدمت معلومات مضللة خلال اصدار للسندات في عام 2001 . وقال سيدجمور ان الشركة تتوقع خفض ديونها من خلال مبادلة ديون بالاسهم وهو ما سيعطي حملة السندات حصة ملكية في الشركة بعد اعادة تنظيمها. وقال كبار اصحاب السندات في وورلدكوم والشركات التابعة لها في بيان انهم سيتعاونون مع الشركة. ومن ناحية اخرى فان المساهمين الحاليين في وورلدكوم لن يستردوا شيئا يذكر من قيمة استثماراتهم. وقد اغلقت اسهم وورلدكوم يوم الجمعة على تسعة سنتات في بورصة ناسداك بعد ان قفزت الى 64 دولارا في عام 1999 لتصبح قرة عين المضاربين على على الصعود في وول ستريت. ويجسد تهاوي السهم انهيار صناعة الاتصالات وسط وفرة من الطاقة وديون هائلة وفضائح محاسبة. وقال سيدجمور ان اتفاق التمويل الخاص البالغ ملياري دولار بالاضافة الى توفير اقساط الفائدة على الديون سيغطيان احتياجات وورلدكوم من التمويل خلال العام المقبل. واضاف ان اشهار الافلاس الذي يحمي الشركة من الدائنين والديون سيوفر ما يصل الى ملياري دولار سنويا في صورة مدفوعات فائدة يتعين على وورلدكوم في الاحوال العادية ان تسددها عن ديونها الهائلة. وقال سيدجمور //هذا فعلا ما كان يثقل كاهل وورلدكوم خلال العام ونصف العام او العامين الماضيين. فمع جبل الديون المتراكمة علينا... يتطلب الامر ملياري دولار سنويا في صورة اقساط فائدة وهو ما يعوق عملنا.// وقالت وورلدكوم انها لم تفقد ايا من كبار عملائها ولا تتوقع ان يضر الافلاس بخدماتها. لكن المحلل المستقل لشؤون الاتصالات جيفري كاجان قال //العلامة التجارية لوورلدكوم ستتعرض لضربة قوية. واذا خرجوا سالمين من الازمة فسيكون امامهم مهمة هائلة في احياء العلامة التجارية نظرا لانها لم تعد مرتبطة باي شيء جيد في نظر العملاء.//
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