PSINet won't submit SEC filing on time

PSINet on Wednesday told the Securities and Exchange Commission it would not be submitting its required 10-Q filing on time. The Internet access and Web-hosting services provider has already been delisted by the Nasdaq exchange after the stock fell below $1 a share for more than 30 consecutive days in April. In its most recent filing with the SEC, PSINet said it had roughly $520 million in cash and short-term investments compared with a staggering $3.7 billion in debts.

As a result of its inability to comply with SEC requirements, the company's stock is no longer eligible for resale, and shareholders holding its Series D preferred stock and PSINet Consulting Solutions' 2.94 percent convertible notes can no longer use PSINet's registration statements for the resale or conversion of the stock. Last quarter, PSINet posted a loss of $3.2 billion, or $16.83 a share, on sales of $291.1 million. For the fiscal year, it lost $5 billion, or $28.92 a share, on sales of $995 million.