An Amsterdam court has given the troubled internet retailer
LetsBuyIt.com five days to find £2.5 million in funding or
bank guarantees to meet the costs incurred by its trustee, a Dutch
law firm that initiated the bankruptcy proceedings.
The reprieve follows an objection lodged by a creditor of the
company that says it was not properly consulted about the
bankruptcy proceedings.
The court has given the company until Wednesday to find the
money. The company’s founder and acting chief executive is reported
by FT.com as saying: “There is probably more chance of raising the
E40 million needed to take the company through to profitability
than the E4 million.”
The company employs 320 staff across Europe.
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