WorldCom CEO John Sidgmore has said his company will file for Chapter 11 bankruptcy later Sunday, according to Reuters. The bankruptcy, which analysts viewed as inevitable, will be the largest in U.S. history. WorldCom revealed last month that it improperly accounted for US$3.85 billion in expenses, wiping out more than a year’s worth of profits and sending already battered shares down further. At its peak, WorldCom was valued at about $190 billion; today the company is worth about a quarter-billion dollars. WorldCom employs 85,000 people across 65 countries and said it expects to hire a restructuring expert to help the current management; the company hopes to emerge from Chapter 11 in about 9 to 12 months.
