PSINet Likely to File Chapter 11

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ASHBURN, Va. — PSINet Inc. warned that because of cash flow problems, it will likely file for protection under Chapter 11 of the federal bankruptcy code and may be delisted from the Nasdaq Stock Market.

Also on Tuesday, PSINet said it hasn’t finalized its financial statements for the full year 2000 and won’t file its Form 10-K within the prescribed period as a result of “rapidly changing circumstances.” The company, which took restructuring and impairment charges during the first nine months of the year, now expects its fourth-quarter results to include additional unspecified charges that “may be significant.”


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