WorldCom Appoints CRO, CFO to Executive Management Team
MONDAY, JULY 29, 2002 6:30 AM
- PRNewswire
CLINTON, Miss., Jul 29, 2002 /PRNewswire-FirstCall via COMTEX/ -- WorldCom, Inc. (WCOEQ) (MCWEQ) today announced it has appointed Gregory F. Rayburn as chief restructuring officer and John S. Dubel as chief financial officer. Both executives are principals with AlixPartners, LLC, one of the nation's premier corporate restructuring firms. Mr. Rayburn and Mr. Dubel were appointed by, and will report directly to, John Sidgmore, WorldCom president and chief executive officer. The arrangements with AlixPartners are subject to Bankruptcy Court approval.
"These appointments are an important step in moving WorldCom forward," said Sidgmore. "In a short time, we have secured two of the most highly qualified and experienced restructuring executives available. Their task will be to support our efforts to emerge from reorganization as quickly as possible with a healthy business focused on its core capabilities. During this process, WorldCom will continue to provide world-class services to our customers."
Mr. Rayburn and Mr. Dubel will manage WorldCom's restructuring, including negotiating with existing creditors, evaluating proposals, overseeing the development of financial projections, disseminating appropriate information to stakeholders and overseeing the sale of any non-core assets.
"Our focus is on the future of WorldCom," said Mr. Rayburn. "As an innovative leader in the communications business, with more than 20 million customers and 60,000 employees worldwide, WorldCom has real business value. John Dubel and I look forward to working with John Sidgmore, the Board of Directors and the creditors to develop and implement a reorganization plan that will maximize value for the company's stakeholders, while preserving the integrity of its core business."
Mr. Sidgmore pointed out that Mr. Rayburn has extensive experience in operations, financial analysis, mergers and acquisitions and valuations. Mr. Dubel's restructuring experience includes operational reorganizations and cost reductions, financial department restructurings, strategic repositioning and divestitures. His industry experience includes telecom and high technology, manufacturing, financial services and oil and gas.
"Greg, John and their firm have demonstrated financial acumen and a reputation for building consensus and achieving results," said Sidgmore. "They are skilled at addressing complex problems and opportunities in a changing marketplace, while operating with the highest ethical standards."
Mr. Rayburn joined AlixPartners in August 2000. Most recently he acted as both CEO and CRO in the just completed successful restructuring of Sunterra Corporation. Formerly, he was the president and co-founder of The Capstone Group, a private investment partnership. Before founding Capstone, he served as Chairman and CEO of the fourth largest U.S. retailer of fabric and crafts. Mr. Rayburn is a Certified Public Accountant and a Certified Fraud Examiner. He belongs to the Turnaround Management Association, the American Institute of Certified Public Accountants, and the American Bankruptcy Institute.
Prior to joining AlixPartners in 2002, Mr. Dubel ran his own turnaround firm. During that time, he served as Chief Restructuring Officer and COO at CellNet Data Systems, Inc. CellNet is the leading provider of data and information management services in the telemetry industry and the fourth largest domestic wireless carrier based on subscriber endpoints. Mr. Dubel is a Certified Insolvency and Reorganization Accountant, a past board member and officer of the Association of Insolvency and Restructuring Advisors, and a member of the Turnaround Management Association and the American Bankruptcy Institute.
ABOUT WORLDCOM, INC.
WorldCom, Inc. (WCOEQ) (MCWEQ) is a pre-eminent global communications provider for the digital generation, operating in more than 65 countries. With one of the most expansive, wholly-owned IP networks in the world, WorldCom provides innovative data and Internet services for businesses to communicate in today's market. In April 2002, WorldCom launched The Neighborhood built by MCI - the industry's first truly any-distance, all- inclusive local and long-distance offering to consumers for one fixed monthly price. For more information, go to www.worldcom.com.
ABOUT ALIXPARTNERS, LLC
AlixPartners, LLC, a Delaware limited liability company (www.alixpartners.com), is an internationally recognized leader in providing hands-on, results-oriented consulting to solve operational, financial, transactional and legal challenges for Fortune 1000 companies. It provides services in performance improvement, turnaround and restructuring, financial advisory and information technology. It has more than 170 professionals in its Detroit, New York, Chicago and Dallas offices.
FORWARD LOOKING STATEMENTS
This document includes certain "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. These statements are based on management's current expectations and are subject to uncertainty and changes in circumstances. Actual results may differ materially from these expectations due to WorldCom's bankruptcy proceedings and matters arising out of pending class-action and other lawsuits and ongoing internal and government investigations relating to the previously announced restatement of its financial results. Other factors that may cause actual results to differ materially from management's expectations include economic uncertainty; the effects of vigorous competition; the impact of technological change on our business, alternative technologies, and dependence on availability of transmission facilities; risks of international business; regulatory risks in the United States and internationally; contingent liabilities; uncertainties regarding the collectibility of receivables; risks associated with debt service requirements and; our financial leverage; uncertainties associated with the success of acquisitions; and the ongoing war on terrorism. More detailed information about those factors is contained in WorldCom's filings with the Securities and Exchange Commission.
MAKE YOUR OPINION COUNT - Click Here
tbutton.prnewswire.com/prn/11690X81297482
SOURCE WorldCom, Inc.
CONTACT: Investors, Scott Hamilton, +1-877-624-9266, or Media, Brad
Burns, +1-800-644-NEWS, both of WorldCom, Inc.
URL: www.worldcom.com
www.prnewswire.com
Copyright (C) 2002 PR Newswire. All rights reserved.
WorldCom names chief restructuring, finance officers
MONDAY, JULY 29, 2002 6:47 AM
- Reuters U.S. Company News
CLINTON, Miss., July 29 (Reuters) - WorldCom Inc. (WCOEQ) , the bankrupt long-distance telephone company, on Monday tapped two members of a corporate turnaround firm to oversee its restructuring and straighten out its troubled finances.
WorldCom said in a statement it had hired Gregory Rayburn as chief restructuring officer, and John Dubel as chief financial officer. Both are principals with AlixPartners LLC, a corporate restructuring firm.
Both executives will report to WorldCom President and Chief Executive John Sidgmore, who made the appointments. The appointments are subject to bankruptcy court approval.
Earlier this month, WorldCom filed the world's largest bankruptcy petition on record after nearly $4 billion in accounting regularities were uncovered
MONDAY, JULY 29, 2002 6:30 AM
- PRNewswire
CLINTON, Miss., Jul 29, 2002 /PRNewswire-FirstCall via COMTEX/ -- WorldCom, Inc. (WCOEQ) (MCWEQ) today announced it has appointed Gregory F. Rayburn as chief restructuring officer and John S. Dubel as chief financial officer. Both executives are principals with AlixPartners, LLC, one of the nation's premier corporate restructuring firms. Mr. Rayburn and Mr. Dubel were appointed by, and will report directly to, John Sidgmore, WorldCom president and chief executive officer. The arrangements with AlixPartners are subject to Bankruptcy Court approval.
"These appointments are an important step in moving WorldCom forward," said Sidgmore. "In a short time, we have secured two of the most highly qualified and experienced restructuring executives available. Their task will be to support our efforts to emerge from reorganization as quickly as possible with a healthy business focused on its core capabilities. During this process, WorldCom will continue to provide world-class services to our customers."
Mr. Rayburn and Mr. Dubel will manage WorldCom's restructuring, including negotiating with existing creditors, evaluating proposals, overseeing the development of financial projections, disseminating appropriate information to stakeholders and overseeing the sale of any non-core assets.
"Our focus is on the future of WorldCom," said Mr. Rayburn. "As an innovative leader in the communications business, with more than 20 million customers and 60,000 employees worldwide, WorldCom has real business value. John Dubel and I look forward to working with John Sidgmore, the Board of Directors and the creditors to develop and implement a reorganization plan that will maximize value for the company's stakeholders, while preserving the integrity of its core business."
Mr. Sidgmore pointed out that Mr. Rayburn has extensive experience in operations, financial analysis, mergers and acquisitions and valuations. Mr. Dubel's restructuring experience includes operational reorganizations and cost reductions, financial department restructurings, strategic repositioning and divestitures. His industry experience includes telecom and high technology, manufacturing, financial services and oil and gas.
"Greg, John and their firm have demonstrated financial acumen and a reputation for building consensus and achieving results," said Sidgmore. "They are skilled at addressing complex problems and opportunities in a changing marketplace, while operating with the highest ethical standards."
Mr. Rayburn joined AlixPartners in August 2000. Most recently he acted as both CEO and CRO in the just completed successful restructuring of Sunterra Corporation. Formerly, he was the president and co-founder of The Capstone Group, a private investment partnership. Before founding Capstone, he served as Chairman and CEO of the fourth largest U.S. retailer of fabric and crafts. Mr. Rayburn is a Certified Public Accountant and a Certified Fraud Examiner. He belongs to the Turnaround Management Association, the American Institute of Certified Public Accountants, and the American Bankruptcy Institute.
Prior to joining AlixPartners in 2002, Mr. Dubel ran his own turnaround firm. During that time, he served as Chief Restructuring Officer and COO at CellNet Data Systems, Inc. CellNet is the leading provider of data and information management services in the telemetry industry and the fourth largest domestic wireless carrier based on subscriber endpoints. Mr. Dubel is a Certified Insolvency and Reorganization Accountant, a past board member and officer of the Association of Insolvency and Restructuring Advisors, and a member of the Turnaround Management Association and the American Bankruptcy Institute.
ABOUT WORLDCOM, INC.
WorldCom, Inc. (WCOEQ) (MCWEQ) is a pre-eminent global communications provider for the digital generation, operating in more than 65 countries. With one of the most expansive, wholly-owned IP networks in the world, WorldCom provides innovative data and Internet services for businesses to communicate in today's market. In April 2002, WorldCom launched The Neighborhood built by MCI - the industry's first truly any-distance, all- inclusive local and long-distance offering to consumers for one fixed monthly price. For more information, go to www.worldcom.com.
ABOUT ALIXPARTNERS, LLC
AlixPartners, LLC, a Delaware limited liability company (www.alixpartners.com), is an internationally recognized leader in providing hands-on, results-oriented consulting to solve operational, financial, transactional and legal challenges for Fortune 1000 companies. It provides services in performance improvement, turnaround and restructuring, financial advisory and information technology. It has more than 170 professionals in its Detroit, New York, Chicago and Dallas offices.
FORWARD LOOKING STATEMENTS
This document includes certain "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. These statements are based on management's current expectations and are subject to uncertainty and changes in circumstances. Actual results may differ materially from these expectations due to WorldCom's bankruptcy proceedings and matters arising out of pending class-action and other lawsuits and ongoing internal and government investigations relating to the previously announced restatement of its financial results. Other factors that may cause actual results to differ materially from management's expectations include economic uncertainty; the effects of vigorous competition; the impact of technological change on our business, alternative technologies, and dependence on availability of transmission facilities; risks of international business; regulatory risks in the United States and internationally; contingent liabilities; uncertainties regarding the collectibility of receivables; risks associated with debt service requirements and; our financial leverage; uncertainties associated with the success of acquisitions; and the ongoing war on terrorism. More detailed information about those factors is contained in WorldCom's filings with the Securities and Exchange Commission.
MAKE YOUR OPINION COUNT - Click Here
tbutton.prnewswire.com/prn/11690X81297482
SOURCE WorldCom, Inc.
CONTACT: Investors, Scott Hamilton, +1-877-624-9266, or Media, Brad
Burns, +1-800-644-NEWS, both of WorldCom, Inc.
URL: www.worldcom.com
www.prnewswire.com
Copyright (C) 2002 PR Newswire. All rights reserved.
WorldCom names chief restructuring, finance officers
MONDAY, JULY 29, 2002 6:47 AM
- Reuters U.S. Company News
CLINTON, Miss., July 29 (Reuters) - WorldCom Inc. (WCOEQ) , the bankrupt long-distance telephone company, on Monday tapped two members of a corporate turnaround firm to oversee its restructuring and straighten out its troubled finances.
WorldCom said in a statement it had hired Gregory Rayburn as chief restructuring officer, and John Dubel as chief financial officer. Both are principals with AlixPartners LLC, a corporate restructuring firm.
Both executives will report to WorldCom President and Chief Executive John Sidgmore, who made the appointments. The appointments are subject to bankruptcy court approval.
Earlier this month, WorldCom filed the world's largest bankruptcy petition on record after nearly $4 billion in accounting regularities were uncovered
