360networks Slammed as it Skips Payment

By TSC Staff ,

Struggling 360networks (TSIX) was down 33.3% in early trading after hitting a new low of 26 cents.

The company, which in May scaled back plans to build an around-the-world fiber-optic network, said it will not make a $10.9 million interest payment due on its senior notes. The company said it is withholding the payment to "preserve cash as it reviews its options."

360networks is down from a 52-week high of $24.18.

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