Emergence from bankruptcy expected early next year MCI should emerge from Chapter 11 bankruptcy protection early next year, company executives said Friday after a federal judge approved the carrier’s reorganization plan.The plan was approved Friday by Judge Arthur Gonzalez of the U.S. Bankruptcy Court for the Southern District of New York. MCI declared bankruptcy last July even as it continued to disclose a string of accounting irregularities that added up to $11 billion. Since then the company has brought in new members for its board of directors and hired several new top executives, including Chairman and CEO (Chief Executive Officer) Michael Capellas.The company, still legally called WorldCom, will officially change its name to MCI when it emerges from bankruptcy, Capellas said in a conference call Friday after the judge’s decision was announced. The company expects to have $2.3 billion of cash and a net debt of $3.5 billion at the time it emerges from bankruptcy, said Robert Blakely, executive vice president and chief financial officer. Technology Industry