Williams Communications close to emerging from bankruptcy

Williams Communications may be only days away from emerging from bankruptcy. <br><br>A New York Bankruptcy Court Judge approved the company's reorganization plan Monday. Williams says that clears

Tuesday, October 1st 2002, 12:00 am

By: News On 6

Williams Communications may be only days away from emerging from bankruptcy.

A New York Bankruptcy Court Judge approved the company's reorganization plan Monday. Williams says that clears the way for them to emerge probably sometime this month.

Under the plan, unsecured creditors will get about 54% of the new stock in the company. Leucadia Corporation, a recent investor in Williams, will get about 44%. The former Williams Communications stockholders could get as much as 2% of the new stock.

The new company is expected to be incorporated in the state of Nevada with a new board of directors. The company also plans to change its name back to WilTel over the next two years.

Williams Communications currently has about 2,300 employees in Tulsa.