WorldCom, Largest insolvency in US history
Chief Executive Officer John Sidgmore said neither customers nor employees will be affected by this move
The move had been expected after the disclosure last month that WorldCom had been involved in a $3.8bn accounting error, allowing the company to appear profitable when it was actually losing money.
Filing for bankruptcy will effectively allow WorldCom to continue trading while bringing in much needed funds.
This move from the company with debts of over $30bn was widely expected.
Chief Executive Officer, John Sidgmore, said neither customers nor employees will be affected by this move.
The company will now begin restructuring. Mr Sidgmore hopes it will be able to emerge from bankruptcy as a viable company in a year's time.
WorldCom operates MCI, the international long distance telephone company, and UUnet, one of the world's largest internet carriers.
