News
ragingbull.lycos.com
07/09 14:18
WorldCom CEO Expects at Least 2 Finance Proposals This Week
By Jonathan Cox
Clinton, Mississippi, July 9 (Bloomberg) -- WorldCom Inc. is in talks with J.P. Morgan Chase & Co., Citigroup Inc., Bank of America Corp. and two ``non-traditional'' groups to get $3 billion in financing and will likely get two proposals this week, Chief Executive John Sidgmore said.
One bank is ``very, very seriously'' interested and will submit a written plan as will one non-bank lender, Sidgmore said in an interview. Another bank is ``highly interested'' and a proposal is expected, he said. He didn't know when. He declined to give further details on the talks.
WorldCom has disclosed it hid $3.9 billion in expenses for five quarters. It is trimming 17,000 jobs and looking to sell assets in Latin America and Japan.
``We'll have sort of a range of choices from traditional bank financing to something a little bit more exotic,'' Sidgmore said in the interview. ``At this point in time, our primary issue is to get a hold of something on the order of $3 billion, which will bring us into the safety zone and allow us then to eventually create our own capital, our own profits, to fuel this cash requirement.'' |
