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BUSINESS
August 24, 1999 | Bridge News
PSINet Inc., a provider of Internet access for businesses, said it has agreed to acquire Transaction Network Services Inc. for $720 million to gain access to the electronic-commerce market. TNS is the world's biggest provider of e-commerce data communications, processing more than 20 million transactions a day and handling more than 70% of electronic point-of-sale transactions in the U.S. TNS surged $9 to close at $43.25 on the NYSE, and PSINet rose 31 cents to close at $45.88 on Nasdaq.
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BUSINESS
June 2, 2001 | KAREN KAPLAN, TIMES STAFF WRITER
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.
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BUSINESS
April 4, 2001 | Times Wire Services
PSINet Inc., which helps companies connect to the Internet, is considering filing for bankruptcy after saying it will delay submitting its annual financial report. PSINet, whose stock has dropped 99% in the last year, notified the Securities and Exchange Commission that it won't file its annual report within the prescribed time frame because of "rapidly changing circumstances," the company said. The Ashburn, Va.
BUSINESS
April 4, 2001 | Times Wire Services
PSINet Inc., which helps companies connect to the Internet, is considering filing for bankruptcy after saying it will delay submitting its annual financial report. PSINet, whose stock has dropped 99% in the last year, notified the Securities and Exchange Commission that it won't file its annual report within the prescribed time frame because of "rapidly changing circumstances," the company said. The Ashburn, Va.
BUSINESS
April 14, 1999 | JUBE SHIVER Jr., TIMES STAFF WRITER
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.
BUSINESS
June 2, 2001 | KAREN KAPLAN, TIMES STAFF WRITER
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.
BUSINESS
November 3, 2000 | From Associated Press
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.
BUSINESS
August 27, 1998 | Bloomberg News
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.
BUSINESS
September 1, 2001 | Reuters
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.
BUSINESS
March 23, 2000 | (Bloomberg News)
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.
BUSINESS
November 3, 2000 | From Associated Press
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.
BUSINESS
August 24, 1999 | Bridge News
PSINet Inc., a provider of Internet access for businesses, said it has agreed to acquire Transaction Network Services Inc. for $720 million to gain access to the electronic-commerce market. TNS is the world's biggest provider of e-commerce data communications, processing more than 20 million transactions a day and handling more than 70% of electronic point-of-sale transactions in the U.S. TNS surged $9 to close at $43.25 on the NYSE, and PSINet rose 31 cents to close at $45.88 on Nasdaq.
BUSINESS
April 14, 1999 | JUBE SHIVER Jr., TIMES STAFF WRITER
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.
BUSINESS
March 27, 1999
* San Dimas-based American States Water Co. said it is dropping its bid for Dominguez Services Corp., three days after rival California Water Service Group of San Jose raised its offer for the Long Beach-based water utility. American States, which provides water service in California, had made an unsolicited stock-swap offer earlier this month that valued Dominguez at about $32.50 a share. * PSINet Inc.
BUSINESS
February 26, 2002 | From Bloomberg News
Williams Communications Group Inc. said Monday that it may seek bankruptcy protection, a move that could leave its former parent company on the hook for $2.6 billion of the telephone-and-data network operator's costs. The company, facing an estimated $500 million in interest payments this year, said its lenders extended a deadline to submit a debt-reduction plan. Williams Cos.
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