PSINet receives default notices

PSINet, an Internet service provider that said this month it may seek bankruptcy protection, has received default notices of $68.1 million from equipment lessors. PSINet received the notices for equipment leases that ''could be anything, such as office equipment, or laptop computers,'' spokesman Eric McErlain said. He wouldn't comment further. The company said in a statement it was resolving the issues with these lessors.

PSINet, whose cash and cash equivalents rose to $520 million on April 10 from $254 million on March 30, earlier this month sold a unit to a group led by GTCR Golder Rauner for about $277 million. The unit provides network services for credit card and automated-banking machines.

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The story "PSINet receives default notices" published April 17, 2001 at 3:40 AM is no longer available on CNET News.