PSINet

(PSIX)

was down 20% in preopen

Island

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trading after the company said it would delay its annual report, take "significant" fourth-quarter 2000 charges and perhaps seek bankruptcy protection.

Even if it successfully restructures under bankruptcy protection, the Internet service provider said its common stock will have no value and its debt will be worth less than face value. The former highflier closed at 19 cents on Monday, down from a 52-week high of $35.