Mar 26, 2002 : Worldport Ceases Hosting Operations
📅 - European managed services provider Worldport Communications, Inc. (worldport.com) announced on Tuesday that the company's board of directors has chosen to cease operations.
The failing company, which in recent months has given up its Swedish operations and closed its Dublin data center, made the decision today to pull out of the United Kingdom, the market that it had fallen back on and the last one in which the company maintained operations.
The board, says Worldport, decided that the company would make no further investment in the operations of its UK-based hosting subsidiaries Hostmark World Limited and Hostmark UK Limited. The Hostmark subsidies currently operate Worldpornt's managed hosting services business in the UK.
The result of these and previous actions, says the company, is that Worldport no longer has active business operations.
Worldport says that both Hostmark subsidies intend to petition for administration under the United Kingdom Insolvency Act. The company says it anticipates an administrator will be appointed for the purpose of reorganizing, finding new investors for, selling or liquidating the Hostmark businesses for the benefit of creditors.
According to Worldport, though the company presently has no plans, proposals or arrangements with respect to future acquisitions, the company expects it will seek new acquisition and investment opportunities in the future. It has not, however, identified a specific industry on which it intends to focus.
Worldport says it expects to release its fourth quarter and 2001 financials and to file its Form 10-K by April 1, 2002.
The failing company, which in recent months has given up its Swedish operations and closed its Dublin data center, made the decision today to pull out of the United Kingdom, the market that it had fallen back on and the last one in which the company maintained operations.
The board, says Worldport, decided that the company would make no further investment in the operations of its UK-based hosting subsidiaries Hostmark World Limited and Hostmark UK Limited. The Hostmark subsidies currently operate Worldpornt's managed hosting services business in the UK.
The result of these and previous actions, says the company, is that Worldport no longer has active business operations.
Worldport says that both Hostmark subsidies intend to petition for administration under the United Kingdom Insolvency Act. The company says it anticipates an administrator will be appointed for the purpose of reorganizing, finding new investors for, selling or liquidating the Hostmark businesses for the benefit of creditors.
According to Worldport, though the company presently has no plans, proposals or arrangements with respect to future acquisitions, the company expects it will seek new acquisition and investment opportunities in the future. It has not, however, identified a specific industry on which it intends to focus.
Worldport says it expects to release its fourth quarter and 2001 financials and to file its Form 10-K by April 1, 2002.
Reads: 1414 | Category: General | Source: TheWHIR : Web Host Industry Reviews
URL source: http://www.thewhir.com/marketwatch/wor032602.cfm
Want to add a website news or press release ? Just do it, it's free! Use add web hosting news!