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Strategies & Market Trends : Joe Copia's daytrades/investments and thoughts -- Ignore unavailable to you. Want to Upgrade?

To: Joe Copia who wrote (24745)	7/20/2002 4:37:17 PM
From: Tim Davies	Read Replies (3) \| Respond to of 25711

What does the company do ? tim

To: Joe Copia who wrote (24745)	7/23/2002 8:57:32 AM
From: Joe Copia	Respond to of 25711

Court Approves Use of Debtor-In-Possession Financing; Employees Assured of Wages Going Forward CLINTON, Miss., July 23 /PRNewswire-FirstCall/ -- WorldCom, Inc. (Nasdaq: WCOEQ, MCWEQ) today announced that the U.S. Bankruptcy Court in the Southern District of New York approved $750 million in interim financing that will provide the company with sufficient funds to continue operations, pay employees and continue service to customers. The company has finalized its agreement with the banks providing the debtor-in-possession (DIP) facility. A hearing for final approval of the DIP facility that would permit the company to borrow up to $2 billion is scheduled for September 4, 2002. The Court also granted all of WorldCom's first day motions that are intended to support its customers, employees and other business partners and provide other forms of operational and financial stability as WorldCom proceeds with its financial reorganization. The Court authorized payment of pre-petition wages, salaries, medical, disability, vacation and other benefits. The Court also granted a further stay of the scheduled conversion of the MCI group tracking stock into WorldCom common stock until further order of the Court. John Sidgmore, president and chief executive officer of WorldCom, said, "The court's actions today are a solid first step toward restoring financial health to the company. These actions will enable WorldComm to continue operating without interruption and continue to provide service to our customers and a steady income to our employees and vendors." About WorldCom, Inc. WorldCom, Inc. (Nasdaq: WCOEQ, MCWEQ) is a pre-eminent global communications provider for the digital generation, operating in more than 65 countries. With one of the most expansive, wholly-owned IP networks in the world, WorldCom provides innovative data and Internet services for businesses to communicate in today's market. In April 2002, WorldCom launched The Neighborhood built by MCI -- the industry's first truly any-distance, all-inclusive local and long-distance offering to consumers. For more information, go to worldcom.com.