Etailer LetsBuyIt.com was thrown a second lifeline with the announcement yesterday that it had secured 50 million euros in new investment – 10m euros more than it claimed was necessary to drag it out of the red.
LetsBuyIt, whose fortunes have oscillated wildly since seeking bankruptcy protection earlier this month, managed to avoid the coup de grâce at a court hearing yesterday after a last-minute 4m euro injection of funds to pay the fees of its trustees [WAMN: 25-Jan-01].
The additional 50m euro investment will come from Munich-based venture capitalist Kimvestor, the firm behind much of the 4m euro which saved LetsBuyIt yesterday.
The etailer hopes to have a draft contract for the investment ready by the end of February, when it has to convince its trustees, Dutch law firm Van Doorne, that it can stay afloat.
News source: Financial Times