"We exist in an environment where capital is very tight, and where prices continue to drop each day and each year," he said at the company's annual meeting in Vancouver.
The company was forced to cut back on its plans for the fibre-optic network, which was expected to cost US$7 billion, delaying plans for the transpacific portion of its network.
It cut $1.8 billion from its 2001 capital spending budget, and cut its revenue forcast by about 50 per cent.
Maffei did say, however, it will continue working on its network, which will carry everything from phone calls to Internet traffic on beams of light that move through glass strands.
360networks needs to raise $300 million in funding, and is negotiations with Alcatel SA, along with other parties to raise the money by a debt offering.
