AN UNIDENTIFIED broker speaks on a phone at the stock exchange in Madrid, Spain last Monday as the market reacted to US company WorldCom's filing for bankruptcy over the weekend. Billed as the largest ever bankruptcy case in history and the latest in a spectacular series of corporate crashes, the telecommunication giant is going under with a big bang. Charged with $3.85 billion worth of accounting frauds that aimed at boosting the company's share value, WorldCom has already sacked some 17,000 workers out of a work force of 85,000.
While filing for bankruptcy, the company is using Chapter 11 of the bankruptcy code to prevent creditors from seizing its assets. Meanwhile, the company has secured $2 billion and is planning to restructure
photo: AP