finance
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Worldcom Files Chapter 11 Bankruptcy. "WorldCom Inc. filed the largest U.S. bankruptcy on Sunday after the long-distance telephone and data services company buckled under a $3.85 billion accounting scandal and a mountain of junk-rated debt. [...] WorldCom's bankruptcy filing listed J.P. Morgan Trust Co. National Association as the largest unsecured creditor, with bond debt of $17.2 billion. It said Mellon Bank N.A. holds $6.6 billion of WorldCom debt, while Citibank N.A. owns $3.29 billion." Oops.
Posted to finance @ 11:12:55 PM ( comments)