MCI Says Goodbye to Bankruptcy

MCI today disclosed emerging from the biggest bankruptcy in U.S. history, marking a new beginning since the No. 2 long-distance phone company got mired in a multi-billion dollar accounting scandal two years ago.

Since disclosing an accounting fraud that tallies an estimated $11 billion, the company has replaced its board of directors and management team and implemented several ethical policies aimed to restore trust in the former WorldCom. However, many of the pressures Ashburn, Va.-based MCI faced in 2002, such as declining revenue in its consumer unit, remain.

“Our emergence is not the finish line. It is the beginning of a new race,” MCI president and CEO Michael Capellas said. “Somewhere between telecommunications and computing there’s a new kind of company and that’s what MCI will be.”

The company said it plans to introduce new products and services, in addition to new partnerships related to Internet Protocol technology, in the coming weeks and months.

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