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To: tejek who wrote (11102)	7/2/2002 4:29:58 PM
From: shortilong	Respond to of 11568

WASHINGTON , D.C . -(Dow Jones)- WorldCom Inc. (NasdaqNM: WCOM - News) (WCOME, MCITE) Chief Executive John Sidgmore said Tuesday the company has more than $2 billion in cash and that a bankruptcy filing is not imminent. In his first live, public comments since the company announced it would have to restate 2001 and first-quarter 2002 results due to a $3.8 billion misallocation of routine expenses as capital expenditures, Sidgmore said the company is currently working with various banks to restructure the company's finances. "We think we'll get a proposal in this week," he said, before adding later, " all the banks are in negotiations to see if we can't refinance all of these loans."

To: tejek who wrote (11102)	7/2/2002 7:12:00 PM
From: DEER HUNTER	Read Replies (1) \| Respond to of 11568

WorldCom Group (nasdaq: WCOME - news - people ) forbes.com Chief Executive John Sidgmore said on Tuesday the telecommunications giant held "productive talks" with the Securities and Exchange Commission on its $3.85 billion accounting scandal and aimed to have proposals for a financial restructuring this week. "This morning I had an extensive, and I would say highly productive, meeting with Harvey Pitt, the commissioner of the SEC, and his staff, regarding their concerns about our response to the order of information," Sidgmore said at a news conference at the National Press Club. "There remain many open questions, and quite a bit of speculation as to exactly what occurred ... We will release everything we know when we know it," Sidgmore said. The SEC blasted as "wholly inadequate and incomplete" a report by WorldCom filed on Monday that laid out the timeline in which the company discovered accounting problems and said the company was probing further back in its financial records for other mistakes. More...

To: tejek who wrote (11102)	7/2/2002 7:15:13 PM
From: DEER HUNTER	Respond to of 11568

WorldCom CEO says loan repayments not accelerated Reuters, 07.02.02, 4:16 PM ET forbes.com WASHINGTON, July 2 (Reuters) - WorldCom Inc., the telephone giant struggling with a $3.85 billion accounting debacle, said on Tuesday its lenders have not accelerated the repayment schedule on its credit lines, and it aims to secure a $1 billion funding package to gain a near-term financial cushion. WorldCom (nasdaq: WCOME - news - people), which has about $2 billion in cash on its books, said it was notified by its banks that it was in default on some of its credit lines, but it has not been required to immediately repay its $30 billion in debt. "We did get sort of formality letters that were expected from the banks on termination possibility on our bank loan. So far there have been no events of acceleration, no threats of acceleration," Chief Executive Officer John Sidgmore said at a news conference at the National Press Club. "We are working with banks even as we speak here, talking about various proposals to restructure (our finances). And we are somewhat optimistic that we will get a proposal, if not two proposals, in hand this week to accomplish that," he said. The No. 2 U.S. long-distance carrier, which stunned Wall Street last week with the announcement that its chief financial officer improperly accounted for $3.85 billion of expenses, said it hopes to have proposals for a financial restructuring this week. The Clinton, Mississippi-based company has been charged with fraud by regulators and expects to have its stock delisted by Nasdaq on Friday.