washingtonpost.com  > Technology

Quick Quotes

Page 4 of 5  < Back     Next >

WorldCom Company Timeline

* Feb. 3: WorldCom announces that it will lay off 5,000 more employees.

* March 12: Federal prosecutors ask WorldCom to delay release of the company's accounting investigations while they examine new evidence that could incriminate former CEO, Bernard J. Ebbers.

_____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

* March 14: WorldCom announces that it will take one-time $79.8 billion write-off.

* April 15: WorldCom unveils reorganization plan that would erase most of its debt, rename the company after its long-distance unit, MCI, and move its headquarters from Clinton, Miss., to Ashburn, Va.

* April 22: Former CFO, Scott D. Sullivan, pleads not guilty today to securities and bank fraud.

* May 19: WorldCom agrees to pay investors $500 million to settle civil fraud charges.

* July 7: A federal judge approves a $750 million settlement between WorldCom and federal regulators.

* July 22: Verizon Communications agrees not to oppose WorldCom's reorganization plan.

* July 26: Sources say the Justice Department is investigating allegations that WorldCom improperly rerouted long-distance calls.

* July 31: The General Services Administration notifies WorldCom that it is ineligible to win new federal contracts until it improves accounting controls.

* August 4: WorldCom tells a federal bankruptcy court that preliminary results from an internal investigation found no evidence that the long-distance telephone company tried to disguise the origin of calls or route them improperly to avoid paying fees to local phone companies.

* August 6: A bankruptcy judge approves a $750 million settlement of civil fraud charges made by the Securities and Exchange Commission on WorldCom investors' behalf.

* August 12: WorldCom appoints former AT&T Corp. executive Richard R. Roscitt as its new president and chief operating officer.

* August 27: Oklahoma Attorney General W.A. Drew Edmondson files criminal charges against WorldCom Inc. and six former executives, including founder Bernard J. Ebbers.

* Sept. 3: Former WorldCom Inc. chief executive Bernard J. Ebbers pleads not guilty to charges that he violated Oklahoma fraud and securities laws.

* Sept. 9: Two groups of dissident creditors abandon their legal challenge to the company's reorganization plan in return for a combined payout of more than $400 million.

* Sept. 12: A federal bankruptcy judge signs off on WorldCom's revised bankruptcy plan today and allowed the company to send it out to creditors for their approval.

* Sept. 15: WorldCom Inc.'s internal and external auditors testify in U.S. Bankruptcy Court that the company's books remain a tangled mess.

< Back  1 2 3 4 5    Next >

© 2005 Washingtonpost.Newsweek Interactive