Car boot sale continues apace
Published: 29 April 2002 08:40 GMT
PSINet is to sell off PSINet Europe BV and its subsidiaries for $9.5m.
The bankrupt ISP will hand the business over to a group of investors led by Israel Corp.
PSINet filed for Chapter 11 bankruptcy protection last May, with assets of $2.2bn and liabilities of $4.3bn.
Last week it put all its assets up for sale in an attempt to pay off some of that debt.
In the short term the company hopes to raise between $452m and $472m to appease its most demanding creditors.
An additional $100m could be recovered from the liquidation of its consulting operation, Metamor Worldwide.
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