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BUSINESS
February 24, 2005 | James S. Granelli, Times Staff Writer
Qwest Communications International Inc. is showing itself to be a determined suitor as it prepares a revised bid for MCI Inc. that's aimed at upending last week's pact with Verizon Communications Inc. And a small but growing number of analysts who initially discounted Qwest say the Denver company's efforts could be a good match for MCI after all. Qwest is tweaking its $8-billion offer of cash and stock for Ashburn, Va.-based MCI.
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BUSINESS
February 18, 2005 | From Reuters
Qwest Communications International Inc. said Thursday that it would submit a new offer to buy MCI Inc., raising the prospect of a bidding war with Verizon Communications Inc. Qwest said Chairman Richard Notebaert wrote MCI's board Thursday, saying the company would make the offer after reviewing the details of Verizon's bid. But it did not disclose what it would be willing to pay for the No. 2 long-distance and corporate telecommunications firm.
BUSINESS
February 15, 2005 | James S. Granelli, Times Staff Writer
MCI Inc. on Monday announced it had done something rare for a company seeking a buyer: It chose the low bid. The long-distance carrier's decision to turn down a $7.3-billion offer from Qwest Communications International Inc., and instead accept one for $6.8 billion from Verizon Communications Inc., reflected MCI's desire to be part of a global powerhouse. Qwest executives didn't comment Monday. Ashburn, Va.-based MCI, formerly WorldCom Inc.
BUSINESS
October 19, 2004 | From Bloomberg News
MCI Inc., the second-largest U.S. long-distance telephone company, said Monday that it would write down its assets by $3.5 billion in the third quarter, reflecting their reduced value as calling prices tumble and demand declines. MCI's $10.9 billion of property, plant and equipment, and non-network assets will be sliced by a third. The value of MCI's brand will be cut by $260 million and network assets will be reduced by about $3.25 billion, Ashburn, Va.-based MCI said.
BUSINESS
October 13, 2004 | From Bloomberg News
The U.S. Supreme Court on Tuesday rejected a bid by AT&T Corp. and MCI Inc., the largest U.S. long-distance companies, to preserve rules that give them discounted access to local-phone networks owned by competitors. The justices let stand an appeals court ruling invalidating Federal Communications Commission regulations that AT&T and MCI say they need to compete in the $127-billion U.S. market for local calling.
BUSINESS
September 29, 2004 | From Associated Press
U.S. telecommunications giant WorldCom, now called MCI Inc., won a moral victory when a European court ruled that European Union antitrust regulators should not have issued an order blocking its aborted bid in 2000 for rival Sprint Corp. Although the companies have no intention of reviving their aborted tie-up, which was also opposed in Washington, the decision makes it easier for MCI to pursue any future deals by wiping the regulatory slate clean in Europe.
BUSINESS
August 10, 2004 | From Bloomberg News
MCI Inc., which filed for bankruptcy protection in 2002 after an $11-billion accounting fraud, said it made $453 million of errors in its reorganization. MCI, which exited Chapter 11 in April and changed its name from WorldCom, said it mistakenly reduced accounts receivable by $301 million when it restated 2000 results. MCI erroneously reduced some 2003 liabilities by $152 million, the Ashburn, Va.-based company said.
BUSINESS
August 6, 2004 | From Associated Press
MCI Inc. on Thursday reported a net loss of $71 million in the three months ended in June, its first quarter since the former WorldCom emerged from bankruptcy protection after the biggest accounting scandal in history. But the quarterly performance was better than expected, and the telecommunications company announced a sizable cash dividend for stockholders. The company also revealed it might follow the lead of rival AT&T Corp.
BUSINESS
July 10, 2004 | From Reuters
MCI Inc. filed a lawsuit against former Chief Executive Bernard J. Ebbers to recover more than $400 million in loans and interest, according to court documents. The lawsuit was filed by the company, formerly known as WorldCom, in U.S. Bankruptcy Court for the Southern District of New York. Ebbers' attorney was not immediately available to comment on the suit. Ebbers has been charged with lying to securities regulators and committing fraud in connection with the company's accounting scandal.
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