PSINet Announces Definitive Share Purchase Agreement for the Sale of Its Chilean Operations - Brief Article

ISP Business, July, 2001

PSINet Inc. announced that it has signed a definitive share purchase agreement with an investment group led by iLatin Holdings and consisting of additional investors, including Chilean businessman, Jose Cox, pursuant to which the investment group has agreed to purchase PSINet's operations and facilities in Chile. The proposed purchase is subject to a number of conditions, including approval under the US bankruptcy proceedings.

PSINet expects that its operations in Chile will continue to operate in the normal course of business, providing reliable services to its customers. PSINet's operating subsidiaries in Latin America, including Chile, are not part of the filing under Chapter 11 of the US Bankruptcy Code.