CLINTON, Miss. (AP) _ WorldCom Inc.’s losses nearly doubled in October from the previous month, and sales of its telecommunications services remained flat, according to a bankruptcy court filing.
The flat sales indicate that WorldCom is not winning new business fast enough to counteract the loss of contracts that competitors have taken since WorldCom filed the largest-ever U.S. bankruptcy in July. The company had disclosed an accounting fraud that is expected to exceed $9 billion.
Excluding a $29 million loss from discontinued operations, the Clinton-based phone company lost $205 million in October, compared with a loss of $108 million in September. Revenue stabilized at $2.3 billion, WorldCom said in the court filing Thursday.
WorldCom cut its capital spending to $53 million in October from $98 million the previous month and ended October with $2.1 billion in cash and liquid investments _ up $600 million from Sept. 30. Half the increase resulted from the one-time collection of cash receivables.
Besides the cash on hand, WorldCom got permission in October to borrow up to $1.1 billion to run its business while it plans its emergence from bankruptcy.
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