WorldCom

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WorldCom

A telecommunications company that was at one time the second largest long distance provider in the United States. It had a large role in the expansion of Internet use in the 1990s. It is known for its notorious bankruptcy in 2002 following massive accounting fraud that resulted in several executives receiving jail sentences and investors losing billions of dollars. WorldCom is often associated with the Enron scandal because they occurred at about the same time and because both WorldCom and Enron used the accounting firm Arthur Andersen. It is now called MCI and is a subsidiary of Verizon.
References in periodicals archive ?
There is a unique and compelling fit between WilTel and Level 3," said James Q.
WilTel will also enjoy a broadened reach in Asia Pacific via SingTel's ConnectPlus IP-VPN services and coverage.
I just can't say enough about the flexibility and responsiveness WilTel has consistently demonstrated.
NTC - an Irvine-based company that sells long distance telephone service through an independent sales force - saw an increase in business and expanded an earlier contract with WilTel signed in the fall, Broyles said.
Industry analysts have said that with the acquisition of WilTel, LDDS expands its reach and creates profit centers in several areas.
WilTel uses proactive congestion management, incorporating frame delays rather than frame discards.
John DiMenna, president of Seaboard Property Management of Stamford represented Wiltel as consultant in the transaction.
Tony Tomae, senior vice president of marketing for WilTel, said the company's 18 years of experience in building and managing next-generation networks for other customers has given WilTel unique insight into building powerful, flexible IT operations systems.
Enterprise customers are increasingly looking to WilTel for effective ways to implement business continuity and disaster recovery solutions," said Tony Tomae, senior vice president of marketing for WilTel.
WilTel deployed an MPLS IP VPN solution to create flexibility that will adapt to NDC's changing service demands.
WilTel also used $90 million of its cash and investments to reduce the amount outstanding under its old credit facility, repay in full one of the outstanding notes that was secured by its headquarters building and reduce the outstanding amount on the other note that is secured by its headquarters building, as well as pay expenses.
However, even with the recent positive credit events by Level 3, including the acquisition of WilTel and the exchange of approximately $692 million of 2008 maturities for a similar amount of 2010 maturities, the company still faces negative free cash flow through 2008 and a relatively large maturity schedule beginning in 2008.