By Ian Jones, 29 June 2001 08:15
NEWS 360Networks is set to lay off 44 per cent of its staff as the telecoms downturn continues to bite deep into the carrier market. The Canadian firm is reported to be on the edge of bankruptcy with long-term debt running at $2.5bn. It now needs $300m by September if it is to continue operations. Two weeks ago, 360Networks cancelled plans to buy network company NetRail over financial concerns. The acquisition would have given the telco access to a 32,000km, leased fibre-optic network between 50 US cities - a move that would have gone a long way to 360Networks' ultimate ambition to a global fibre network. The company also recently missed a $10.9m coupon payment on one of its bond issues.
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