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Bad news day for Telcos
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23-10-2002 10:24am#1Both from enn today
The Wall Street Journal reports that key players in the telecoms industry are lobbying the Federal Communications Commission to prevent WorldCom emerging from bankruptcy free of its USD42 billion debt. The group, led by the regional telecoms companies, say that WorldCom should be indicted and liquidated, rather than permitted to emerge from bankruptcy-court protection with a stronger balance sheet than its competitors. The group, which includes Verizon Communications and BellSouth, has asked the FCC to revoke WorldCom's licences to operate, among other measures
The board of COLT Telecom Group has announced that, as anticipated, hedge fund Highberry Ltd has presented a petition to the High Court for the appointment of an administrator to COLT. Earlier this month reported that Highberry had claimed Colt would not be able to repay or refinance its bonds when they become due between 2005 and 2009. Colt's board says there is no basis for Highberry's action0
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