Jun 14, 2001 : PSINet Unloads Chilean Operations


📅 - Bankrupt Internet company PSINet announced on Thursday that it has signed a share purchase agreement with a group of investors who have agreed to purchase PSINet's operations and facilities in Chile.
The investment group is led by iLatin Holdings, and consists of a group of additional investors, including the Chilean businessman Jose Cox.
PSINet says it expects the Chilean operations to continue to operate under the normal course of business, and provide reliable services to its customers. The company's operating subsidiaries in Latin America, including Chile, are not part or the company's filing under Chapter 11 of the US Bankruptcy Code.
Earlier this month, the company announced that it had made arrangement to sell the rest of its Latin American operations to a group led by Cori Capital Partners, LP. At the time, PSINet said it was still looking for a buyer for its Chilean operations.
The sale of the company's Chilean operations are still subject to a number of conditions, including approval under the US bankruptcy proceedings.

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