CLINTON, Mass.-WorldCom Inc. reported that the U.S. Bankruptcy Court in the Southern District of New York approved $750 million in interim financing the company said would provide sufficient finds to continue operations, pay employees and continue service to customers. A hearing for final approval of a $2 billion debtor-in-possession financing facility is scheduled for September 4.
The court also granted a further stay of the scheduled conversion of the MCI Group tracking stock into WorldCom common stock until further order of the court.
“The court’s actions today are a solid first step toward restoring financial health to the company,” said John Sidgmore, president and chief executive officer of WorldCom.
