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WorldCom Company Timeline

* April 30: WorldCom Chief Executive Officer Bernard Ebbers resigns amid slumping share prices and a SEC probe of the company's support of his personal loans. Vice Chairman John Sidgmore takes reins of company.

* May 9: Moody's cuts WorldCom's long term debt ratings to junk status, citing the company's deteriorating operating performance, debt and expectations for further weakness.

_____MCI Coverage_____
Bernard Ebbers Guilty on All Counts (The Washington Post, Mar 15, 2005)
Preparing for the Worst With MCI's Best (The Washington Post, Mar 13, 2005)
No Verdict in Ebbers's Trial (The Washington Post, Mar 12, 2005)
Story Archive and Company Background

* May 10: Standard & Poor's cuts WorldCom's credit rating to junk status.

* May 13: Standard & Poor's removes WorldCom from its S&P 500 Index.

* May 15: WorldCom says it would draw down a $2.65 billion bank credit line as it negotiates for a new $5 billion funding pact with its lenders.

* May 21: WorldCom says it will scrap dividend payments and eliminate its two tracking stocks, one that reflects its main Internet and data business and a second that reflects its residential long-distance telephone business.

* May 23: WorldCom secures $1.5 billion in new funding to replace a larger, $2 billion credit line.

* June 5: WorldCom says it will exit the wireless resale business and will cut jobs to reduce expenses and pare massive debts.

* June 25: WorldCom fires its chief financial officer after uncovering improper accounting of $3.8 billion in expenses that covered up a net loss for 2001 and the first quarter of 2002. The company also says it will cut 17,000 jobs, more than 20 percent of its workforce.

* June 26: Nasdaq market halts trading in WorldCom's two tracking stocks, WorldCom Group and MCI Group. Shares of WorldCom touched as low as 9 cents before the halt. President George W. Bush calls for full investigation of the matter.

* June 28: WorldCom lays off 17,000 workers -- including about 2,000 in the Washington area.

* July 1: WorldCom reveals that an internal investigation has uncovered questionable accounting practices stretching back as far as 1999.

* July 2: WorldCom chief executive John Sidgmore appeared at a Washington press conference to apologize for the company's accounting scandal. He also said the company hopes to avoid a bankruptcy filing.

* July 8: Former top WorldCom executives Bernard Ebbers and Scott D. Sullivan refuse to answer questions posed by a congressional committee.

* July 9: WorldCom CEO John W. Sidgmore says the company has only enough cash to keep operating for two more months and that it is growing more likely the telecommunications giant will file for bankruptcy protection.

* July 11: In a live Web discussion on washingtonpost.com, Sidgmore says Worldcom will not sell off core Internet operations.

* July 11: A congressman tells the news media that former WorldCom Inc. chief financial officer Scott D. Sullivan told company lawyers that he informed ex-chief executive Bernard J. Ebbers about bookkeeping maneuvers that made the company look more healthy than it really was.

* July 17: A source tells The Washington Post that WorldCom has secured a $2 billion financing package that it would use to operate under bankruptcy protection.


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