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RE: PSINet Files Chapter 11...
DOH! Guess I missed the memo about nanog-post, no wonder nothing has been getting through lately ;) Anyway, I've been w/ PSInet for about 3-4 years now and I've never really had a problem with them. In fact when I was looking for a replacement the most recent "who's the best" survey of ISPs that I found had PSInet on top as far as service. I hate to see them go, and I have a feeling it's going to be self-fulfilling prophecy as people bail out on them because of all the negative news. Forrest BTW here's the memo they sent out to customers earlier today, it's pretty much the same as the press/new articles though: June 1, 2001 Dear PSINet Customer: As you know, the Internet business has undergone a tremendous transformation over the past year, and we - like others in our industry - face a dramatically altered landscape. With that in mind, I am writing to share with you today some important news about our company. PSINet voluntarily filed for protection under Chapter 11 of the U.S. Bankruptcy Code, and the Company's Canadian subsidiaries filed for protection under similar statutes in Canada called CCAA. How does this transaction impact our relationship with you? Not at all. We intend to continue operations without interruption in all PSINet facilities [in the U.S., Canada, Europe, Asia and Latin America] and customers can continue to rely on the systems and networks they have developed in conjunction with PSINet. Employees will continue to work, and vendors and suppliers will be paid in full in a timely manner for goods and services delivered after the filing date. We have asked the court for continued use of cash and cash collateral to fund operations during the restructuring process. At the time of the filing, we had approximately $300 million in cash, cash equivalents, short-term investments and marketable securities on hand. We have received offers for debtor-in-possession (DIP) financing, but declined to obtain financing at this time. We believe that PSINet's cash and cash equivalents will help to ensure that the Company and its operations have more than adequate funds to meet ongoing needs. It goes without saying that your continued support is important to the success of our future. I have included the URL of our news release for your information, http://www.psinet.com/news/pr/01/june1.html I will continue to keep you informed as we move through this process. In the meantime, please call your PSINet account manager with any questions that you may have. Sincerely, Harry G. Hobbs President and CEO On Fri, 1 Jun 2001, Los, Ralph wrote: > > Hey, > OK, I have to say, in their defense...what little > technology/engineering they DO have, have been very solid on the T-1 we have > from them. I've had only a single problem about a week ago when one of > their routers stopped announcing a route Herndon-->Chicago (oops), and we've > had that T-1 in for over 7 months now. > > They are doomed, yes, but they do have a decent engineering staff. > > Ralph M. Los > Asst. Vice-President, Internet Systems and Security > EnvestNet Advisory Corp. > [email protected] > (312) 827-3945 (direct) > (312) 296-9003 (wireless w/voicemail) >