Bankruptcy no option as board decides Poland.com fate

The fate of Poland.com will be decided today at a meeting of the troubled Internet portal's supervisory board. The company has been experiencing financial difficulties throughout the long negotiations between Vivendi Universal of France and Elektrim, owner of a 75% stake in the portal. Vivendi has now agreed a deal to take over Elektrim's telecom interests, but refuses to finance any of its Internet projects. "Today we will offer Elektrim a restructuring plan and a new development strategy for Poland.com," said Christopher Jasiak, former president of Poland.com and a partner in MCI, the venture capital fund that owns the remaining 25% of the Internet portal. Its backers reject any suggestion that Poland.com might be declared bankrupt. "We have invested too much money in this project," an Elektrim representative is quoted as saying. (Puls Biznesu, p. 5) A.K.