MCI agrees higher price with Telmex

New York, April 21 - MCI, Inc. said it signed an amended agreement with Telefonos de Mexico, SA de CV, increasing the purchase price to $400 million from $360 million for MCI's stake in Embratel Participacoes.

The agreement includes a $12.2 million break-up fee.

In addition, MCI will receive an up-front payment of $50 million from Telmex. MCI will retain this amount if the sale cannot be completed because of the inability to obtain regulatory approvals.

MCI has asked for a hearing on April 26 in the U.S. Bankruptcy Court for the Southern District of New York on April 26. A hearing to approve the sale to Telmex is scheduled for April 27.

MCI, an Ashburn, Va.-based telecommunications company, emerged from Chapter 11 on Tuesday.

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