PSINet Hires Adviser, May Consider Selling Company
PSINet
(PSIX)
hired investment banking firm
Goldman Sachs
as the company considers various financial alternatives, including a possible sale of the company.
The company's board formed a special committee chaired by an independent director, Ralph J. Swett, to review and consider the alternatives.
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PSINet, which is based in Ashburn, Va., offers e-commerce infrastructure and information technology products and services.
On Nov. 2, shares of PSINet plunged after the company offered a pessimistic
financial outlook while announcing that its third-quarter revenue had fallen short of estimates. That same day, the company said its president and chief operating officer had
resigned.
Shares of PSINet were recently trading up 34 cents, or 19.3%, to $2.13 in
Nasdaq
activity.
