Some interesting "deju vu" articles. History is repeating itself. Even down to the $100M cash investment by Bain.
https://www.crn.com/news/channel-programs/18817748/usinternetworking-files-for-bankruptcy.htm
"Last October, Bain Capital Partners signed a letter of intent to invest $100 million in USi. To receive the money, USi and Bain needed to come to a mutually agreeable restructuring of the company's debt, and Bain would own all of USi's equity." "USi also said it plans to emerge from bankruptcy in the spring. ..."Bain follows a line of big-name investors to have attempted to bail out USi in the past. The ASP's capital intensive infrastructure buildout plan led to mounting debt and losses."
https://books.google.com/books?id=NRkEAAAAMBAJ&pg=PA48&lpg=PA48&dq=usi+internetworking+stern&source=bl&ots=-rQOoPwA9I&sig=ACfU3U2UWfr0zQsTyFIhTjDFsXDHCMpi7g&hl=en&sa=X&ved=2ahUKEwjo38_MltfhAhUECawKHRp-CMUQ6AEwDXoECAgQAQ#v=onepage&q=usi%20internetworking%20stern&f=false
"USi will emerge from the reorganization plan a much stronger company" - Andrew Stern - 1/14/2002 - Networking World . Timeline: Jan 2001 - Layoff 150. April 2001 - Layoff 250 more. September 2001 - 225 more gone. October 2001 - Gets $100M from Bain to keep operations alive.
https://www.nytimes.com/2001/10/12/business/technology-briefing-software-leasing-concern-gets-100-million-infusion.html
OCT. 12, 2001 - USInternetworking, a company that leases software over the Internet, said that it would receive a $100 million equity investment from Bain Capital. Shares in USinternetworking, a software company in Annapolis, Md., rose sharply on the news, closing at 34 cents, up 8 cents, or 31 percent. Like many software companies, USinternetworking, also known as USi, has had a difficult year, complete with layoffs, a plummeting share price and lowered expectations. The company's management says its losses are being contained. Andrew A. Stern, above, chief executive of USi, suggested that the investment by Bain, a Boston-based investment firm, would assure clients that the company was still viable. Andrew Zipern (NYT)
https://www.cnet.com/news/usi-finishes-restructuring-will-merge/
https://www.computerworld.com/article/2586088/q-a--usi-s-stern-still-an-asp-booster.html
https://www.baltimoresun.com/news/bs-xpm-2002-05-22-0205220043-story.html
https://www.washingtonpost.com/archive/business/2002/05/22/usinternetworking-out-of-bankruptcy/3cabf60a-3d0a-43e7-bc35-0cccecfab422/?utm_term=.463ee7962a48
https://www.baltimoresun.com/news/bs-xpm-2000-07-25-0007250062-story.html
https://www.bizjournals.com/baltimore/stories/2001/06/11/story3.html