Internet Group declares bankruptcy

2010-08-23

Internet Group, a holding of companies offering marketing solutions based on new technologies, filed for bankruptcy, leaving the door open for arrangements with the creditors. At the beginning of August 2010, BRE Bank, the company’s main creditor, had not accepted the group’s restructuring plan and terminated its PLN 100m (€25.2m) credit agreement.
In Q1 2010, Internet Group posted PLN 1.2m (€0.3m) of net profit and PLN 21.3m (€5.4m) of sales revenues, while in the analogous period of the previous year the figures were PLN 0.29m (€73,000) of net loss and PLN 53.5m (€13.5m) of revenues.

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