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'No!' 'Surely not!' 'Well I never!'...
Published: 22 July 2002 08:05 BST
As expected, troubled data carrier WorldCom is to today file for bankruptcy.
The company's CEO John Sidgmore has announced WorldCom will file for Chapter 11 in the US Bankruptcy Court in Manhattan.
According to reports Sidgmore's first priority is to stabilise the company's controversial finances through the sale of non-core assets.
As part of the immediate reshuffle within the company, following revelations of a $3.8m dollar accountancy fraud, 17,000 staff are to be shown the door - 20 per cent of WorldCom's total workforce.
The bankruptcy filing will give WorldCom the dubious honour of being the largest insolvency case in US corporate history.
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