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News by Vendor /
PSINet delisted from Nasdaq
 
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Struggling ISP PSINet announced Monday that its stock would be delisted from the Nasdaq stock market as of Friday.
Nasdaq staff made the decision to delist PSINet's stock on April 3, after it dropped to $0.19 and trading was suspended. Trading on the stock will remain suspended until the delisting, and PSINet will not appeal the decision, the company said.
PSINet said it will continue to pursue financial options, including the sale of all or a piece of the company and debt restructuring. The company will likely make those moves under bankruptcy protection, PSINet said, adding that there were no guarantees that any of its moves would stop the firm from running out of money.
Last week, the company reported a fourth-quarter 2000 loss of $3.2 billion. PSINet bought out about 75 international ISPs and a consulting firm in the last year.
The IDG News Service is a Network World affiliate.
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