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04/16/2001 Archived Entry: "PSInet finds itself in fight of its life"

ZDNet: eWEEK: PSInet finds itself in fight of its life

Like the dot-com firms and application service providers that are their clients, second-tier Web hosting companies are now feeling the effects of the high-tech shakeout.

PSInet Inc., for example, is in the midst of a massive corporate yard sale, and has conducted several rounds of layoffs in recent months. With about 4,500 U.S. employees, $250 million in cash and a stock price that's dropped from more than $34 dollars to just 19 cents in the past year, PSInet officials have said that bankruptcy is now a realistic possibility.