18 Jun
2001
18 Jun
'01
4:33 p.m.
On Mon, Jun 18, 2001 at 11:39:57AM -0700, Josh Richards wrote:
"360networks today announced it no longer intends to acquire NetRail, a wholesale Internet service provider, in an all-stock transaction. The company announced plans to acquire NetRail earlier this year."
Per the announcement they just sent via e-mail. Looks to be posted on <URL:http://www.360.net/> as well.
This appears to be a very good thing for NetRail. Also from www.360.net: "360networks announced it will not make a US $10.9 million interest payment due today on its 12.5% Senior Notes. Under the terms of the debt, 360networks has another 30 days to make the payment in order to avoid default consequences under the Notes." --msa