New York, May 17: WorldCom on Friday said former chief executive Bernard Ebbers missed a $25 million loan payment due to the company, and is in default. Ebbers owed $408.2 million to the No. 2 US long-distance phone company when he resigned in April 2002. WorldCom filed for Chapter 11 bankruptcy last July, and is still operating under court protection from creditors.

WorldCom said it notified Ebbers on April 30 that he missed the $25 million payment due the prior day. It said another $25 million is due on the loan next year, $75 million in 2005, $100 million in 2006, and the balance in 2007.
Reid Weingarten, Ebbers' lawyer and a partner at Steptoe & Johnson LLP in Washington, DC, did not immediately return a call seeking comment.
WorldCom disclosed the missed payment in a revised disclosure statement it filed on Friday with the US bankruptcy court in Manhattan. It also filed a revised reorganization plan. Bureau Report