PSINet yesterday reported net losses for 2000 of $5.03bn, and repeated warnings that it may soon run out of cash.
The internet services company, which had delayed the announcement of year-end results by two weeks to warn of its position, reported revenues of $996m for the year, almost double the $534m generated in 1999.
However, these were dwarfed by billions of dollars worth of charges and write-offs which, by 10 April, had left the firm with approximately $520m in cash, cash equivalents, short-term investments and marketable assets.
PSINet said that this reserve, even if it were added to the $330m it expects from recent asset sales, is not likely to be enough to meet its cash needs and that it expected to reorganise under bankruptcy laws.
Analyst Gartner has already warned firms not to consider PSINet for new contracts, and has advised those companies which currently use the service to look elsewhere.
PSINet said that it has hired Goldman Sachs to help it consider its financial and strategic options, and is working with Dresdner Kleinwort Wasserstein to explore ways to pay its creditors.
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