gestern - TV Bloomberg hier amerikan./engl. Quelle:
Wednesday Jul 10 2002. All times are London time.
Subscribe to FT.com
WorldCom in talks to secure $3bn lifeline
By Peter Thal Larsen, Richard Waters and Joshua Chaffin in New York
Published: July 10 2002 1:52 | Last Updated: July 10 2002 1:52
WorldCom is seeking to raise $3bn in emergency financing as the scandal-hit telecommunications group tries to shore up its balance sheet and keep its operations going.
The company is negotiating with its bank lenders but has also held preliminary talks with GE Capital about providing the new funding, people familiar with the situation said.
The talks come as WorldCom is leaning towards filing for protection from its creditors as the most straightforward way of securing the financing.
Although executives are still considering options that would keep the company out of bankruptcy, a Chapter 11 filing is looking increasingly likely. It would be the largest in US history.
WorldCom, which last month revealed a $3.8bn accounting fraud, is struggling to stay afloat as it tries to deal with a raft of federal and regulatory investigations.
WorldCom and its advisers have concluded that it needs about $3bn in new financing to keep its operations afloat as it tries to restructure its bank and bond debt, which totals about $32bn.
An option being considered would be for WorldCom to file for Chapter 11 while securing the financing as part of a new debtor-in-possession facility designed for companies in bankruptcy.
However, WorldCom's bank lenders are trying to negotiate a deal under which they would put up some new money in return for security on the company's $2.65bn bank facility.
In an attempt to find alternative sources of capital to the banks - which include JP Morgan, Citigroup and Bank of America - WorldCom has opened up discussions with GE Capital. Several large bondholders are also thought to be examining providing some emergency financing in an attempt to strengthen their negotiating position.
JP Morgan, Citigroup, Bank of America and GE Capital all declined to comment.
Some bankers say they are finding it difficult to gauge the value of the company's assets.
They fear there may be so little value in WorldCom that even the secured loans will be worthless if the company fails.
"If the whole thing ends up being a big zero then even the secured stuff will have to be written down to nothing," a bondholder said.
"Everyone is looking at whether there's an opportunity there," one hedge fund manager said. "But I don't know if anyone can get comfortable with the underlying assets. If there's one level of fraud, often there's another one."
© Copyright The Financial Times Limited 2002. "FT" and "Financial Times" are trademarks of the Financial Times. Privacy policy | Terms & conditions | Advertising
Trübes Wetter über Dortmund
gruß - flori
NewsFlash Hebt diese Aktie bald ab? Größtes Wolfram-Portfolio der USA vor der Neubewertung!? 
