Cash-Poor PSINet Likely to Declare Bankruptcy

Share this content:
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.


close

Next Article in Digital Marketing

Sign up to our newsletters

Company of the Week

Since 1985, Melissa has helped thousands of companies clean, correct and complete contact data to better target and communicate with their customers. We offer a full spectrum of data quality solutions, including global address, phone, email, and name validation, identify verification - available for batch or real-time processes, in the Cloud or on-premise. Our service bureau provides dedupe, email/phone append and geographic/demographic append services for better targeting and insight. For direct mailers, Melissa offers easy-to-use address management/postal software, list hygiene services and 100s of specialty mailing lists - all with competitive pricing and excellent customer service.

Find out more here »

Career Center

Check out hundreds of exciting professional opportunities available on DMN's Career Center.  
Explore careers in digital marketing, sales, eCommerce, marketing communications, IT, data strategies, and much more. And don't forget to update your resume so employers can contact you privately about job opportunities.

>>Click Here

Relive the 2017 Marketing Hall of Femme

Click the image above