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Events on Sunday 21 July 2002 1
2002WorldCom files for bankruptcyRecord US corporate collapse after accounting fraudThe telecommunications company WorldCom sought Chapter 11 protection on 21 July 2002 after disclosing that it had hidden about 11 billion dollars in expenses to inflate profits. It was the largest bankruptcy in US history at the time, surpassing Enron. Founder Bernard Ebbers was later sentenced to 25 years in prison, and the company was rebuilt as MCI.