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PSINet set to file for bankruptcy

Struggling ISP PSINet has requested a 15-day extension on filing its annual report with the US Securities and Exchange Commission after warning that it expects its auditors Pricewaterhouse Coopers to issue a bankruptcy warning.

By Sonya Rabbitte on 4 April 2001 12:43

NEWS In a statement the company said the 2000 year end results, due out on Monday, would be delayed while an independent evaluation of assets was completed. However company officials have admitted they are planning on filing for bankruptcy. The Securities and Exchange Commission was warned to expect a "going concern qualification" from Pricewaterhouse Coopers after PSINet claimed that the $254m it holds in assets will not meet cash demands for the coming year.

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