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.
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.
April 20, 2001 |
A cynic might argue that PSINet Inc. should have used red ink in 1999 when it signed a deal to pay $105 million to put its corporate logo on the Baltimore Ravens' new football stadium. Less than three years into its 20-year contract, the Ashburn, Va.-based company has acknowledged that it soon might run out of cash and be forced into a bankruptcy filing.
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.