Bankrupt chapter
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Nortel dropped from Olympic role - and Cisco steps up
News In a statement on Friday, the London 2012 Organising Committee (Locog) said it has ended its contract with the bankrupt infrastructure supplier "on good terms". In January, Nortel filed for Chapter 11... [10 Jul 2009]
mmO2 revenues boom as landline telcos disappoint
News Retiring Colt CEO Steve Atkin blamed the poor showing on increased competition from previously bankrupt companies which have managed to shed their debt. He said in a statement: "Part of what we are seeing is those... [21 Jul 2004]
WorldCom hammers out $500m settlement
News But because of its bankrupt status, the disgraced company will only have to pony up a third of it. WorldCom, which now goes by the name MCI, flew high as a major Internet backbone provider until an accounting scandal of... [20 May 2003]
WorldCom uncovers more dodgy earnings
News The bankrupt company - under Chapter 11 protection since 21 July - also said it will record further write-offs and continues to investigate accounts going back to the late 1990s. WorldCom, already on the... [09 Aug 2002]
Axed WorldCom staff may lose severance pay-outs...
News WorldCom employees recently made redundant by the scandal-struck telco may find themselves out of pocket should it go bankrupt. If the banks succeed, the company will be forced into Chapter 11 bankruptcy... [16 Jul 2002]
WorldCom-itis hits British university network
News University internet network Janet is desperately seeking an alternative data carrier having suffered a double telecoms blow: it recently abandoned bankrupt KPNQwest, and opted instead for WorldCom, a decision which looks... [27 Jun 2002]
All-in wrestling - which telcos will be left standing?
Comment Then there are the cases of near-bankrupt Energis in the UK and WorldCom, perhaps the king of US alternative telcos and one today professing it is not in danger, despite rumours to the contrary... [30 May 2002]
PSINet to sell European business
News The bankrupt ISP will hand the business over to a group of investors led by Israel Corp. PSINet filed for Chapter 11 bankruptcy protection last May, with assets of $2.2bn and liabilities of $4.3bn.... [29 Apr 2002]
PSINet sells the kitchen sink to pay off creditors
News Bankrupt ISP PSINet has put all its assets up for sale in an attempt to pay off some of its outstanding $4bn debt. Despite needing another $3.5bn to cover the debts, PSINet's CFO, Larry Hyatt, remains optimistic,... [19 Apr 2002]
Global Crossing loses another major contract
News Global Crossing, the bankrupt US telco, has lost one of the remaining jewels in its crown following the decision by Swift, the inter-bank transfer system, to cancel its $300m contract with the company. [02 Apr 2002]
Global Crossing attracts a new suitor
News Bankrupt high-speed network operator Global Crossing may have found a buyer in the shape of Fiber Optek Interconnect. Global Crossing's network, which connects more than 200 cities across 20 countries, has been the... [15 Mar 2002]
Independent auditor to investigate Global Crossing
News Bankrupt telecoms company Global Crossing is to enlist the help of independent auditors to review the state of its finances. Read more on Global Crossing and fellow bankrupt giant, Enron, here: Update:... [05 Feb 2002]
Lucent cries foul over Global Crossing's bad debt
News Lucent has claimed it is owed at least $123m by Global Crossing - despite the bankrupt telco putting the figure at $31m in its bankruptcy filing. Lucent filed a legal challenge two days after Global Crossing announced it... [04 Feb 2002]
Update: Global Crossing seeks Chapter 11
News Ostergaard said: "There were indications the management of Global Crossing were moving money into AGC in the first week of January this year, a typical move of companies preparing to go bankrupt. Troubled wholesale... [28 Jan 2002]
Dot-com swaps web hosting for G-strings
News A bankrupt dot-com is in talks to buy one of New York's hottest strip clubs in the hope that lap dancing will be more lucrative than web hosting. The company recently emerged from Chapter 11 and... [11 Jan 2002]
