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Re: 360networks withdraws plans to acquire NetRail
- From: Majdi S. Abbas
- Date: Mon Jun 18 16:36:27 2001
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."