Cash-Poor PSINet Likely to Declare Bankruptcy

Share this article:
PSINet Inc. is running out of cash and probably will file for bankruptcy, the company said today. The Internet access provider, which also offers Web hosting services for corporations, warned that financial auditors might question the company's ability to operate as a "going concern," according to reports.


The company also said it would not be able to file its 2000 financial report in the required time period.


PSINet, Ashburn, VA, blamed the delay on "rapidly changing circumstances" and said it believed more significant structuring and impairment charges would be posted in the fourth quarter.


The company said that as of March 30 it had about $254 million in cash, cash equivalents, short-term investments and marketable securities.


Share this article:
close

Next Article in Digital Marketing

Follow us on Twitter @dmnews

Latest Jobs:

Featured Listings

More in Digital Marketing

News Byte: CX Scores to Take Their Place Beside Price Listings

News Byte: CX Scores to Take Their Place ...

E-commerce aggregator PriceGrabber will begin offsetting price info with service expectations.

Data Byte: Interactive Ad Revenues Exceeding TV for the First Time

Data Byte: Interactive Ad Revenues Exceeding TV for ...

At nearly $43 billion, interactive advertising revenues exceeded broadcast for the first time in 2013.

Marketers: Data Rich and Knowledge Poor

Marketers: Data Rich and Knowledge Poor

While advertisers have become incredibly data-savvy, the most difficult challenge remains causally linking that data to outcomes that really matter.