April 14, 1999 |
Breaking ranks with his fellow Internet service providers, the chief executive of PSINet Inc. urged Congress not to force cable companies to open their high-speed networks to others. The admonishment from PSI President William Schrader came Tuesday at a Senate Commerce Committee hearing as Congress comes under mounting pressure from America Online Inc.
June 2, 2001 |
PSINet Inc., the first company to offer Internet access to consumers, filed for bankruptcy protection Friday in the wake of a failed acquisition strategy designed to help it keep pace with younger, more fleet-footed rivals. The bankruptcy filing had been expected for months as the Ashburn, Va.-based company struggled under the weight of massive debt incurred to fund 76 acquisitions, expand its telecommunications network and build a series of offices for hosting World Wide Web sites.
November 3, 2000 |
Shares of PSINet plummeted 56% Thursday after the provider of Internet services to businesses warned that fourth-quarter earnings could be below expectations. The firm also said it was considering strategic alternatives, as it reported a large loss for the third quarter. Shares of PSINet plunged $3.80 to close at $2.94 on Nasdaq, the lowest since 1997. PSINet Chairman and Chief Executive William L.
August 27, 1998 |
PSINet Inc., the largest commercial Internet service provider, agreed to buy Rimnet Corp., a Japanese Internet company, for undisclosed terms. PSINet, which helps businesses connect to the Internet and set up Web sites, said the acquisition, expected to be completed this month, will add more than $10 million a year in revenue. In recent weeks, Herndon, Va.-based PSINet has been buying up smaller Internet service providers as it boosts its presence around the world.
March 23, 2000 |
PSINet Inc., a provider of Internet access for businesses, agreed to buy Metamor Worldwide Inc. for about $1.65 billion in stock to gain software and Internet consulting services. The purchase gives PSINet a controlling interest in Metamor's Xpedior Inc., which advises firms about how to do business on the Net. Herndon, Va.-based PSINet will exchange 0.9 share for each Metamor share, valuing Metamor at $37.41 a share. In Nasdaq trading, Metamor jumped $17.33 to close at $33.
September 1, 2001 |
Moody's Investors Service reported Friday that it has downgraded almost half of all bonds that were in the lower half of its junk- bond rating system at the end of last year. The percentage of bonds rated "B3" or below that has been downgraded is the highest ever, Moody's said, surpassing the 40.9% rate set in the 12 months ended March 1991. Now, as then, the default rate for the bonds is soaring. Junk, or high-yield, bonds are so named because they carry higher credit risks.