Internet Group to complete its restructuring plan in Q3

2010-07-16

Internet Group (IGroup), a holding of companies offering marketing solutions based on new technologies, plans to complete its restructuring plan in Q3 2010, as Parkiet reported. The firm intends to attract investors to its subsidiaries by selling part of their shares and to pay back the liabilities to BRE bank thanks to the money obtained. In addition, IGroup plans to exclude CR Media Consulting, which declared insolvency, from the holding and issue the shares for BRE bank, which would pay around 20% of the company’s debt.

The IGroup’s liabilities total to around PLN 100m (€24.6m), of which 70% is to be paid back thanks to the sale of the subsidiary’s shares. Pino.pl, a social networking site, will remain in the hands of IGroup, while other companies such as call centre firms and Ad.Net will be partly sold to the investors.

The company’s aim is to rebuild the group’s strong position and focus on consulting services that generate high profit margins rather than on the advertising broker business.

The Q2 and Q3 results are to be at similar level as in Q1 2010 when the group earned PLN 21m (€5.2m) of revenues.

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