The Biggest Bankruptcies in Corporate History
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WorldCom/MCI
The Biggest Bankruptcy in Corporate History
A $4 billion billing fraud became the way to the largest bankruptcy in the U.S. history. An American telecommunications subsidiary of Verizon Communications, WorldCom was the second largest long distance carrier filed for bankruptcy after one month of this fraud in 2002. Several executives of the company were sentenced to 25 years in prison. Following bankruptcy, the company changed its name to MCI and was later purchased by Version in 2005.

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