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WorldCom considering what would be the largest corporate bankruptcy in US history
JACKSON, Miss. (AP) - WorldCom Inc. says it will know within three weeks whether it will pursue what would be the largest corporate bankruptcy filing in U.S. history. The Clinton-based long-distance and data services company is on the verge of bankruptcy after disclosing it disguised $3.9 billion of expenses as capital expenditures in a bid to appear more profitable. WorldCom executives clashed with former auditors Arthur Andersen LLP Monday during Congressional hearings over who's to blame for the improprieties, which prompted President Bush to propose tougher penalties for company officials who lie on financial statements. As the WorldCom case unfolds, the company continues to negotiate with lenders for $5 billion in critical funding � as it was doing before news of the accounting scandal broke June 25. The company said Tuesday it also was awaiting word from banks on interim financing that could avert a bankruptcy filing � at least for now.

posted by West 9:57 PM