TRENTON, N.J., July 22, 2002 (PRIMEZONE) -- Bankruptcy Creditors' Service, Inc., today announced publication of WORLDCOM BANKRUPTCY NEWS, tracking yesterday's chapter 11 filings in Manhattan by WorldCom, Inc. (Nasdaq:WCOME) (Nasdaq:MCITE) and its 179 debtor-affiliates, including Brooks Fiber, MCI Communications Corporation, SkyTel, UUNet, and Access Network Services.
A free copy of the first issue of WORLDCOM BANKRUPTCY NEWS is available at http://www.bankrupt.com/worldcom.txt
"Our newsletters provide lawyers, creditors, competitors, and other parties-in-interest with an efficient and affordable way to sift through the mountains of court pleadings and seemingly random information delivered to the Bankruptcy Court," said Peter A. Chapman, President of Bankruptcy Creditors' Service, Inc. "Our editors are bankruptcy pros. They know how to quickly sort the wheat from the chaff. They bring order to chaos."
WORLDCOM BANKRUPTCY NEWS editors Danilo R. Munoz, Jr., and Frauline Sinson-Abangan relate that the first issue of WORLDCOM BANKRUPTCY NEWS includes:
-- background information about the Company's operations;
-- data extracted from the Debtors' bankruptcy petitions;
-- the Company's statement about where it sees the restructuring
going and the Company's projected cash positions in the next 30
days;
-- a comprehensive list of the Debtors' 50-largest creditors;
-- information about the U.S. Trustee's plans to form official
committees to represent WorldCom's creditors; and
-- a calendar of the key dates and deadlines in WorldCom's chapter 11
cases.
Mr. Munoz and Ms. Abangan say that the next edition, available later this week, will provide subscribers with detailed reviews of:
-- the Debtors' applications to employ Weil, Gotshal & Manges LLP as
their bankruptcy counsel; Lazard as their financial advisors; KPMG
as their accountants and auditors; and other professionals who'll
help management steer through the restructuring process;
-- the operational and financial impact of the handfuls of first-day
motions brought before the Court to maintain stability from
customers' and employees' perspectives; and
-- WorldCom's request to put a new $2 billion superpriority secured
debtor-in-possession financing facility arranged by J.P. Morgan
Chase & Co., Citigroup Inc., and General Electric Capital in place
to fund on-going working capital needs through the chapter 11
process.
-- WORLDCOM BANKRUPTCY NEWS is distributed on a subscription basis by
e-mail for $45 per issue. New issues are published as significant
activity occurs (generally every 10 to 20 days) in the company's
chapter 11 cases.
Since 1990, BCSI has published similar newsletters tracking billion-dollar insolvency proceedings. Currently, we provide similar coverage about the restructuring proceedings involving XO Communications, Global Crossing, Williams Communications, FLAG Telecom, Adelphia Business Solutions and Adlephia Communications, Winstar, 360networks, ICG Communications, PSINet, Exodus Communications, Lernout & Hauspie and Dictaphone, Federal-Mogul, Hayes Lemmerz, Exide Technologies, W.R. Grace & Co., Owens Corning, Armstrong World Industries, USG Corporation, Safety-Kleen, Laidlaw, The IT Group, Enron Corp., Covanta Energy Corp., Pacific Gas and Electric Company, Reliance Group Holdings & Reliance Financial, NationsRent, ANC Rental, Burlington Industries, Polaroid Corporation, Lodgian, The FINOVA Group, Inc., Comdisco, Fruit of the Loom, Pillowtex, Warnaco, Kmart Corp., Ames Department Stores, Service Merchandise, Bridge Information Services, Imperial Sugar, The Loewen Group International, Inc., Vlasic Foods, Harnischfeger Industries, Inc., Vencor, Inc., Sun Healthcare Group, Inc., Mariner Post-Acute & Mariner Health, Genesis Health & Multicare, Integrated Health Services, National Steel, Bethlehem Steel, LTV, Wheeling-Pittsburgh, Kaiser Aluminum and Metals USA.
Additionally, BCSI co-publishes the Troubled Company Reporter -- a daily newsletter that provides news about more than 1,000 on-going troubled company situations. Go to http://www.bankrupt.com/periodicals/tcr/tcr.form.html to sign-up for a 30-day free trial subscription to the TCR.