Letsbuyit.com hopes for white knight

The company’s trustees are seeking to put the company into bankruptcy tomorrow.

The management of Letsbuyit.com is still holding out for a white knight partnership, Reuters reports.

Legal firm Van Doorne, which is the court-appointed trustee of Letsbuyit.com, said yesterday that it would seek to put the company into liquidation at the district court of Amsterdam tomorrow. Yesterday afternoon Van Doorne said: “The present management still sees chances for survival and has indicated it will put forward a defence.”

The Financial Times reports that last night one of Letsbuyit's leading creditors said it was hoping to take legal action against the trustees to stop the bankruptcy proceedings.

The newspaper quotes a creditor saying: “We signed an agreement with the trustees which gave Letsbuyit until March 8 to sort out its financing. We have not been consulted regarding the change and believe it is in our long-term interests to give Letsbuyit the chance to continue trading.”

Shares in the firm were suspended at E0.59 on the Neuer Markt, having risen yesterday on the prospect of a rescue. In July last year the shares peaked at E6.98. There were reports yesterday afternoon that a “positive” statement regarding the firm’s future was imminent – but it never came. The firm was said to have been in talks with Dealpartners.com of France and Coshopper.com of Norway.

Letsbuyit’s attempts to raise money will be ended if the application is successful and is likely to leave investors, who put more than E180m into the company, with nothing.

Letsbuyit.com shares began trading on the Neuer Markt again today after yesterday's suspension.