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This is an archive article published on July 19, 2002

WorldCom agrees to freeze assets

WorldCom Inc said it would agree to freeze its assets for 70 days to gain breathing room in litigation brought against it by a group of bank...

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WorldCom Inc said it would agree to freeze its assets for 70 days to gain breathing room in litigation brought against it by a group of banks trying to loans.

WorldCom and the 25 banks told US district judge Jed Rakoff that they had reached the agreement earlier in the day. Rakoff said he wanted the SEC review the proposal. If the judge approves, it would temporarily halt proceedings in the lawsuit.

A ruling preventing WorldCom from using money from the loan could have forced it into bankruptcy.

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