The company also said that it may be forced to file for bankruptcy. The tough times just keep coming for PSINet. The network and hosting company's shares plunged 74 percent to 19 cents Monday with the announcement that it has named a new president and chief operating officer, and has hired a financial adviser to explore restructuring its debt. Now it's probably wishing it had put those millions to better use. Upcoming split is key to showing investor-friendliness.
PSI quits making acquisitions early next year.
Competition currently only comes from Qwest. Market structure is different but capitalization is too. PSI's media push is a positive, again displaying investor friendliness. Look for Super Bowl ads and the like to increase as acquisition tear slows. Efforts to raise cash have been continually successful.