MCI restates 2000 and 2001 financial results
Bankrupt US telecoms firm MCI, formerly known as WorldCom, today restated its 2000 and 2001 financial results, reducing its combined pre-tax profits by $74.4bn (€61.02bn).
The company, which also filed its 2002 results, said it is still working on its 2003 financial statements and now expects to emerge from bankruptcy protection in April.
The largest category of restatement adjustments, totalling $59.8bn (€49.05bn), was a write-down of a mixture of tangible and intangible assets including goodwill and property, plant and equipment.
Other significant adjustments are related to MCI's review of significant acquisitions as far back as 1993.
MCI, filed for bankruptcy in 2002 after massive fraud and accounting irregularities came to light. The fraud was believed to have involved misstatements of around $11bn (€9.02bn).
MCI employs more than 100 people in Ireland, in Dublin, Cork, Galway and Limerick.
