ZipLink to Suspend Operations, Terminate Staff
ZipLink
(ZIPL)
, a wholesale Internet connectivity provider, will suspend its operations today and terminate all of its employees, except for those needed to wind down the company's operations.
The company is evaluating alternatives to maximize the value of its assets, including the sale, sublet or assignment of its 50,000 square foot office space and data center in Lowell, Mass., its Canadian operations and other network assets.
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ZipLink expects to use the proceeds from any sale of assets to pay creditors. Shareholders won't receive any proceeds.
Shares of ZipLink last traded at 41 cents in
Nasdaq
activity.
