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Claranet Terminates Buy Agreement.
2005-08-03, HostMan.biz Web hosting provider Via Net.Works (vianetworks.com) announced on Monday that it had received a termination notice from Claranet (laranet.com) that cancels the sale and purchase agreement entered into on April 30, 2005. The deal includes the proposed sale of Via's PSINet Europe assets and legacy operations in France, Spain and Germany. Claranet recently acquired Via's US, Dutch and Portuguese operations in addition to its Amen Group (amenworld.com) of businesses. Claranet claims events have occurred that trigger its right to terminate the agreements, including Via's cash flow exceeding the level of negative cash flow permitted by the agreement, alleged new liabilities and that Claranet did not consent to a recent transaction between VIA and Sorbie Europe, formerly PSINet Europe. The company says it is discussing a resolution to the dispute, but also noted that it is now actively seeking a new buyer and is negotiating with other companies. "While we are conducting discussions with Claranet in connection with our dispute, we have initiated conversations with several other parties in order to put in place alternative arrangements for the sale of the company and protection of our stakeholders," says Ray Walsh, chief executive officer of Via Net.Works. Via Net.Works is seeking to enter into a new arrangement in the next few weeks. The company says it would not be able to continue operating if it fails to enter into a new transaction that includes advance funding. |
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