MCI files for bankruptcy extension

MCI has asked a US bankruptcy judge for a 60-day extension to the 28 February deadline for the company to emerge from bankruptcy.

MCI has asked a US bankruptcy judge for a 60-day extension to the 28 February deadline for the company to emerge from bankruptcy.

An extension to the deadline, mutually agreed by the company and the US Bankruptcy Court for the Southern District of New York, would give MCI time to complete financial filings with the US Securities and Exchange Commission (SEC).

The financial filings are the last major task left for MCI to emerge from bankruptcy.

"We have made incredible progress on the reconstruction of our financial statements, but it is much more important for us to get them done correctly rather than quickly," said Bob Blakely, MCI executive vice-president and chief financial officer. 

MCI has resolved its accounting statements for 2002 and is nearly ready to file that paperwork with the SEC, Blakely said.

MCI filed for bankruptcy in July 2002, about a month after the company disclosed that a group of former employees had altered accounting records to conceal losses and inflate earnings.

Grant Gross writes for IDG News Service

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