PracticeConsultingAdministrators called in at troubled ISP

Administrators called in at troubled ISP

Administrators from Arthur Andersen have been called in at troubled communications and internet company Powernet Telecom.

The administrators plan to restructure the company while looking for buyers of the business and infrastructure. Powernet, which owns ISP TotalServe and net incubator fund Powernet, hit trouble following the failure the raise finance following an abandoned £600 million flotation in the summer.

On Friday, group’s 85 of the group’s employees were locked out of its Manchester office after police were called in following threats to remove computer equipment in lieu of unpaid salaries.

Links

Powernet website

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