[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.