Arena to receive further cash injection

“Now we are certain the portal could be working next month.”
By : Roseanne Gerin

   Arena (http://www.arenapl) will likely receive additional financing from its investors to keep the financially troubled portal operating for at least another month, Jan Steckiewicz, Arena’s acting president, said last Friday.

   By early this week, Arena plans to have a deal ironed out with its two investors to secure additional financing, Steckiewicz said. CentralEuropa.com, a group of private investors that includes Rafał Plutecki, Arena’s former president and cofounder, owns 80% of the portal, and the U.S. venture capital firm TDA Capital Partners owns 20%.

   “Now we are certain the portal could be working next month,” Steckiewicz said, but added that temporary financing for the next six to 12 months was also possible.

   TDA said earlier this month it would not invest further capital in the portal. Steckiewicz declined to comment on TDA’s previous statement.