Trustees for LetsBuyIt.com, the British-based Internet retailer which filed for creditor protection late last year, said they planned to issue a statement this afternoon about a proposed deal.
LetsBuyit has made a proposal to a party which has until five o'clock (1600 GMT) to react...it looks positive, an official at Trenitee van Doorne said. A public report about the developments of the moratorium of payments should be sent to the magistrate.
He declined to elaborate and would not comment on whether Frankfurt-listed LetsBuyit was in talks with French-based Internet retail site Dealpartners.com or Norway's CoShopper. They have both said they were interested in a link-up with the LetsBuyit.
Earlier this month, Trenitee van Doorne's two court-appointed administrators Paul Schaink and Maarten Drop replaced part of LetsBuyIt management which resigned en bloc.
The company, looking for cash to cover it until its projected break-even in the last quarter of 2002, said it had four weeks to find out whether it could stay afloat.
LetsBuyIt's website helps buyers cut prices by bringing them together to place bulk orders for products. LetsBuyit shares rose 10.5 percent to 0.43 euros.
Reuters