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twitterTelecom giant’s bankruptcy hearings open
Monday, Sept. 8, 2003 | 9:12 a.m.
NEW YORK -- The scandals still cloud MCI's reputation, but the company formerly known as WorldCom Inc. took a step toward clearing its financial name today as a bankruptcy court opened hearings on a plan to erase most of the long-distance carrier's $41 billion debt.
To accommodate the crowd expected for the final phase of the biggest bankruptcy case in U.S. history, Judge Arthur Gonzalez moved the proceedings from his usual courtroom to the biggest federal court in New York City.
The hearings, which MCI's lead attorney estimated could run two weeks, will serve as a forum for MCI to present evidence in favor of its proposed reorganization plan and for opponents to explain their objections.
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