MCI/WorldCom could lose $1.2 billion in revenue—and $250 milli...
MCI/WorldCom could lose $1.2 billion in revenue -- and $250 million in earnings -- over the next 3 years if it’s not permitted to engage in federal contracting until July 1, 2004, the company said in a filing with…
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the SEC Mon. If the General Services Administration agrees to recertify the company by Nov. 1, 2003, it would lose only $95 million in revenue, $38 million in earnings, MCI/WorldCom said in the 8- K filing. The company said the loss of govt. contracts wasn’t expected to have any effect on the feasibility of WorldCom’s plan to emerge from Chapter 11 bankruptcy. MCI/WorldCom made a similar filing with the U.S. Bankruptcy Court, N.Y., last week. Meanwhile, the United Church of Christ said it had filed a petition with the FCC late Fri. to halt the transfer of licenses and authorizations to MCI from WorldCom as part of the company’s bankruptcy reorganization. UCC outside counsel Gregg Skall said the petition also sought a hearing on whether WorldCom was fit to be an FCC licensee.