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Strategies & Market Trends : Making Money is Main Objective
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To: Softechie who started this subject4/3/2001 11:50:32 AM
From: Softechie   of 2155
 
PSINet Faces Likely Reorganization
ASHBURN, Va. (AP) -- Internet communications provider PSINet Inc. (NasdaqNM:PSIX - news) said Tuesday that it faces a shortage of cash and likely will seek federal bankruptcy protection.

The company said it told the Securities and Exchange Commission on Monday that because of changing financial circumstances, it would miss the deadline for filing its financial report for 2000.

Outside consultants are helping the company determine the value of its assets to help complete its financial statements.

PSINet took restructuring charges during the first nine months of 2000 and said there could be more restructuring and impairment charges in the fourth quarter.

PSINet has hired Goldman, Sachs & Co. to help determine its financial alternatives, including possibly entering a strategic alliance or selling all or part of the company. It has hired another firm to help it restructure debt.

The company likely will reorganize under federal bankruptcy code, PSINet officials said. Regardless of the success of those efforts, the company said its common stock likely will have no value.

Ashburn-based PSINet provides corporate Internet access and private networks, Web and database hosting and managed Internet security.

Its shares were trading unchanged at 19 cents on Tuesday morning on the Nasdaq Stock Market.
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