NEW YORK (CNN/Money) - Bankrupt telecom WorldCom Inc. is transferring about 2 million wireless phone customers to other wireless providers in an effort to stem losses.

A company spokesman said customers will get a letter in early August telling them about the planned switch of service. The move should save WorldCom about $700 million a year, he added.

WorldCom's troubles continued in other areas Monday. The Nasdaq said Monday it will delist WorldCom effective at the opening of the market Tuesday, while an unsecured creditors' committee that is likely to be contentious was formed, the Wall Street Journal reported.

Nasdaq said it made its ruling after WorldCom failed to comply with the market's requirement that it remain current in its periodic filings with the Securities and Exchange Commission. In addition, Nasdaq said its decision was based upon concerns relating to the company's bankruptcy proceedings.

WorldCom will transfer its wireless customers to AT&T Wireless Services Inc. (AWE: Research, Estimates), Verizon Wireless, Alltel Corp. (AT: Research, Estimates) and a fourth carrier the spokesman declined to identify. Verizon Wireless, a joint venture of Verizon Communications (VZ: Research, Estimates) and Vodafone Group (VOD: Research, Estimates), said 310,000 WorldCom wireless customers will be transferred to Verizon Wireless. Reuters reported that Cingular Wireless, a joint venture of SBC Communications (SBC: Research, Estimates) and BellSouth Corp. (BLS: Research, Estimates), is not part of the agreement.

Clinton, Miss.-based WorldCom (WCOEQ: Research, Estimates) said last month it planned to exit its wireless telephone business, which resells services from the top two wireless carriers in each market under its own brand name. The service generates about $1 billion in revenue.

WorldCom said it received a negligible amount of money from the four wireless providers for its customers.

The deals were forged before WorldCom filed for bankruptcy July 21, the company said, which means the agreements are not subject to approval by the bankruptcy court.

In other news, the company named a new chief financial officer as well as a chief restructuring officer Monday.

Both executives, CFO John Dubel and Chief Restructuring Officer Gregory Rayburn, are principals at AlixPartners LLC, a corporate restructuring firm that recently placed top executives at bankrupt retailer Kmart Corp.

Both will report to John Sidgmore, WorldCom's new president and CEO. Their appointments and the contract between WorldCom and AlixPartners are subject to approval of the bankruptcy court.

WorldCom fired its former CFO Scott Sullivan at the same time it revealed $3.8 billion in expenses were improperly recorded in order to inflate a key measure of earnings. That admission by the company started it down a path that led to its filing for bankruptcy court protection on July 21.  

-- Reuters contributed to this report.