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PSINet changes leadership following de-listing

PSINet has announced that chief operating officer Harry Hobbs will replace founder William Schrader as chief executive officer. Ian Sharp will replace Schrader as chairman of the board of directors.

By Chris Holbrook

Published: 1 May 2001 14:21 BST

The troubled ISP has also made Lawrence Hyatt, chief financial officer, chief restructuring officer and announced a restructuring committee following the de-listing of the company by Nasdaq on Friday.

When results were announced last month, the company, an ISP operating in 27 different countries, announced its intention to sell part or all of the business to meet mounting debts. Net loss from continuing operations was $2.7bn for the fourth quarter of 2000.

The company has warned shareholders that restructuring could involve reorganisation under the federal bankruptcy code and that, despite the disposal of assets, the company may still run out of cash.

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