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PSINet Europe sale gets US green light

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The sale of PSINet Europe has been given the green light by a US bankruptcy court and is on course to be completed before the end of June.

The deal still needs to be cleared by the European Union although it seems likely that it will get the thumbs-up it needs.

Around 600 people work for PSINet Europe. At this stage it's too early to say whether any jobs will be lost as part of the sale.

Last month an international group of investors, which included ClearBlue Technologies, Israel Corporation, Infinity Holdings and a British financier, offered to buy PSINet Europe for $9.5 million.

Last Friday the group won the approval of the US courts.

In a statement ClearBlue Technologies chairman, Andy Ruhan, said: "Our vision is to become the partner of choice in the web services, hosting and professional services outsourcing market."

PSINet Europe was put up for sale last month after its parent, PSINet Inc, filed a motion with the US Bankruptcy Court to auction its European operation.

PSINet Inc filed for Chapter 11 bankruptcy protection in June 2001 and was bought by Cogent Communications Group Inc for $10 million in April 2002. ®

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