July 21, 2002 - WorldCom Files for Largest Bankruptcy in U.S. History
On this day in 2002, Mississippi-based telecommunications giant WorldCom filed for Chapter 11 bankruptcy protection in federal district court. The bankruptcy filing was the largest in U.S. history, with WorldCom holding over $107 million assets at the time of filing. WorldCom changed its name to MCI in 2003, and in 2004 the company emerged from bankruptcy. MCI was purchased by Verizon Communications in 2006.
Related Resources:
- WorldCom’s Bankruptcy Petition [PDF file] (FindLaw)
- FindLaw News Special Coverage: WorldCom (FindLaw)
- Bankruptcy and Debt Center (FindLaw)
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