WorldCom reports massive losses for July and Aug

Troubled telecom WorldCom reported overnight a net loss of $331m in July and a USD98m net loss in August.

In a report to the US Bankruptcy Court, WorldCom also said it continues to evaluate its balance sheet and expects to record further write-off of assets.

This includes "the likelihood that it may determine substantially all existing goodwill and other intangible assets, currently recorded as approximately USD50bn, should be written off."

The company also indicated that its preferred shares and tracking stocks would be worthless once the company emerged from bankruptcy.

The company said it recorded $2.464bn in revenues in July and $2.403bn in August.