LetsBuyIt: Not Seeking Insolvency Proceedings
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[Berlin, GERMANY] The promoters of the struggling LetsBuyIt.com discount platform do not want to initiate insolvency proceedings in the running talks with their trustees. "As I understand it, that was not the topic of the talks," a speaker for the company told the news agency Reuters yesterday. The company, which according to its own reports has serious liquidity problems, has been in negotiations since yesterday with trustees appointed by an Amsterdam court. It is hoped that a deferment of payment for the firm can be arranged. Thus far, only an initial review has been undertaken.
LetsBuyIt.com N.V. officially reported yesterday in Amsterdam that its executives, whose stock is traded on the New Market of the Frankfurt stock exchange, requested a temporary moratorium in accordance with Dutch law last Friday. They did so with the consent of the company's board of directors. The proceedings became known last Friday.
At the moment the Web site is still accessible in various countries, but for the time being no orders are being accepted. The managing director wants the present business operations to focus on the fulfillment of existing obligations. Negotiations with interested investors are taking place, but apparently there is no indication that a corresponding agreement will be signed any time in the near future.