Carrier briefs: Metrocall-Weblink merger, PSINet, Qwest
Wireless paging companies Metrocall and WebLink Wireless have announced that the companies are merging and seeking bankruptcy protection. While last week's press release announcing this news focuses on the joining of assets, such as 6.2 million Metrocall and two million WebLink customers, the companies also disclosed that they are filing for Chapter 11 protection. Shareholders will receive 50% of the common stock of the new company. The merger is subject to approval by regulators and creditors, and is also contingent on the new company's ability to secure financing.
Nasdaq halted PSINet stock trading last week after the ISP announced it would be late filing its 2000 year-end financials with the Securities and Exchange Commission. The ISP requested a 15-day extension to file its Form 10-K, which many believe will be the ISP's final move before seeking bankruptcy protection. PSINet has $254 million in cash and cash equivalents, but that may not be enough to keep the company afloat. "There can be no assurance that (PSINet) will not run out of cash," according to a statement the company issued last week.
PSINet: www.psinet.com.
Qwest Communications last week began offering DSL access in the St. Louis metropolitan area. Later this month, the provider will also begin offering services in St. Louis over a fiber network spanning more than 1,400 miles. Qwest's DSL services, branded Qwest Integrated Business Solutions, offer speeds of 256K bit/sec and higher.
The services will be sold under the name Qwest Integrated Fiber Solutions.
Qwest: www.qwest.com.
Network World
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