WorldCom seeks bankruptcy protection
from CBC.ca archives | Sun, 21 Jul 2002
NEW YORK - In a last-ditch effort to stay in business, former telecommunications titan WorldCom Inc. filed the largest bankruptcy protection bid in U.S. history late Sunday.
The beleaguered company asked a Manhattan court for help keeping creditors at bay while it restructures its finances.
WorldCom, which is weighed down by at least $30 billion US in debt, has been struggling for months. It needs to sell some of its assets in order to keep operating.