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Technology Stocks : WCOM
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To: Paul Berggren who started this subject12/3/2002 3:15:44 PM
From: Frank Fontaine   of 11568
 
12/03 14:49
WorldCom Will Give BP $3.5 Mln in Credits in Revised Contract
By Christopher Mumma

New York, Dec. 3 (Bloomberg) -- WorldCom Inc. persuaded a bankruptcy judge to approve a revised contract to provide telecom services to BP Plc, an account described by the No. 2 U.S. long- distance phone company as one of its largest.

The renegotiated contract calls for WorldCom to credit BP for about $3.5 million worth of charges, court papers say. It also calls for WorldCom to continue as the exclusive provider of telecommunications services to BP, according to court papers.

U.S. Bankruptcy Judge Arthur Gonzalez today approved the BP contract. WorldCom declined to say how much the account is worth.

``This is a critical asset of the estate which generates significant revenues,'' WorldCom attorney Sylvia Baker told Gonzalez.

Clinton, Mississippi-based WorldCom filed the largest-ever Chapter 11 bankruptcy case in July. It has admitted misstating more than $9 billion in expenses and revenues. Last week, it settled civil fraud charges filed by the U.S. Securities and Exchange Commission and is the subject of a continuing criminal investigation by the Justice Department.

BP notified WorldCom in July that it intended to terminate the five-and-a-half year agreement originally struck in 1999. The contract called for WorldCom to provide ``worldwide telecommunications and related services'' to Europe's biggest oil company.

The account is large enough that BP originally transferred about 100 of its employees to WorldCom to work exclusively as BP's telecom services department within WorldCom, court papers said.
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