WorldCom is to restate its financial accounts by a further $2bn, the third amendment in three months.
The struggling communications company met with the US Securities and Exchange Commission last week, and is expected to push its accounting shortfall up to $9bn. The company is also expected to discuss plans for a goodwill write-down of $50bn.
WorldCom declared a $3.8bn overstatement of profit in June, but this grew to $7.1bn in August when investigators discovered more overstated profits.
But some observers have said by showing willing in correcting its over-aggressive accounting strategies of the past, WorldCom can speed up negotiations with bondholders over a debt-for-equity swap.
Earlier this month the firm announced plans to lay off 2,000 staff across EMEA as part of a business restructuring strategy (CRN, 23 September).
WorldCom executives remain bullish about the future, claiming they expect to be "cashflow-positive" in 2003.
John Sidgmore, chief executive, said: "We have made significant infrastructure investments in EMEA over the past few years. We plan to leverage our solid foundation to ensure our long-term viability in this critical region of the world."
Additional reporting by Sara Yirrell.
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