Oltu City Of Turkey for TRYING TO RESURRECT itself from one of history’s most massive bankruptcies and scandals caused by ACCOUNTING irregularities, WorldCom hired Michael Cappellas as chairman, president and CHIEF EXECUTIVE OFFICER (CEO) to help restore the company’s solvency. The former president of Hewlett Packard and CEO of Compaq, Cappellas promised to bring back not only the customer-conscious, technically driven company that it had been, but in mid-2003, Cappellas and his team put WorldCom behind them and renamed the company MCI. To emerge from its financial difficulties, cost-trimming measures have continued to make up for lost business time; cuts include further layoffs”more than the 17,000 workers already downsized by 2003”as well as the closing of several non-core business groups, such as its wireless resale unit. The company has been in operation since 1983, its roots starting in Hattiesburg, Mississippi, under the name LDDS, an acronym for Long Distance Discount Services. A few rough years of red ink followed until profits began to soar in the early 1990s. The name WorldCom was inaugurated in 1995. After WorldCom purchased competitor MCI’s businesses in 1998, a merger ensued and for 930 WorldCom, Inc. Oltu City Of Turkey 2016.