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Business
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| Number of pages / Number of words: |
5 / 1310 |
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Vice Chairman John Sidgmore takes over.
May 9 — Moody's cuts WorldCom's long-term debt ratings to junk status, citing the company's deteriorating operating performance, debt and expectations for further weakness.
May 10 — Standard & Poor's cuts WorldCom's credit rating to junk status.
May 13 — Standard & Poor's removes WorldCom from its S&P 500 Index...
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The company also says it will cut 17,000 jobs, or 20% of its work force.
June 26 — SEC files civil fraud charges against WorldCom and seeks an order to prevent the company from disposing of assets, destroying documents and making extraordinary payments to senior officers. The U.S. Justice Department says it is probing the matter...
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