360networks withdraws plans to acquire NetRail

Mon Jun 18 20:33:15 UTC 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."

	--msa