CARY,MCI, which maintains a major network and support center in Cary, emerged from bankruptcy on Monday with its old name and a lot less debt.
MCI, acquired by WorldCom in 1998 before the telecom sector went bust, shed the WorldCom name and announced it would move its corporate headquarters to suburban Washington DC from Mississippi. Former head of WorldCom, Bernie Ebbers, built WorldCom in Mississippi. WorldCom declared bankruptcy last summer in the midst of an accounting crisis. Ebbers left the company.
MCI also launched a new marketing campaign to reintroduce itself to the public. It recently launched a “Neighborhood” dialing plan, including unlimited local and long distance calling for a flat price.
As part of its bankruptcy deal, MCI cut its debt to less than $4.5 billion and has $1 billion in cash. Its creditors agreed to accept pennies on the dollar to slash MCI’s debt from $41 billion, according to Reuters.