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06/02/2001 Archived Entry: "PSINet slides into bankruptcy"

PSINet slides into bankruptcy | Computerworld News & Features Story
Beleaguered Internet service provider PSINet Inc. said today that it's filing for Chapter 11 bankruptcy protection, along with 24 of its U.S. subsidiaries and four of its Canadian operations.

The Ashburn, Va.-based company said that its Asian, European and Latin American operations, as well as its Metamor Worldwide Inc. consulting business, aren't affected by the filings, however, and that all of its subsidiaries will continue to provide customer support.

News of PSINet's bankruptcy filings came as no surprise to observers who have watched the firm's downward-spiraling activities during the past few months after overextending itself in a series of acquisitions.