Door still open for Poland.com portal
The future of the financially depleted portal Poland.com still hangs in the balance while its majority shareholder, energy and telecom conglomerate Elektrim, has yet to accept the restructuring plan the portals supervisory board put forward earlier this month.
Although a conclusion was expected last week, Elektrim will not likely decide on the future of Poland.com within the next few days, according to a source who asked not to be named.
Poland.com is one of the holdings in Elektrims basket of Internet-related assets. The company owns a controlling 75% stake of the general information English-language portal, while Wrocław-based venture capital firm MCI Management owns the remaining shares.
Poland.coms supervisory board, which contains four Elektrim executives, presented the restructuring strategy for the financially troubled portal on Sept. 6. The portals board took another week to further analyze the restructuring plan and presented it last Thursday.
Part of the strategic plan sets a course for the loss-generating Poland.coms road to profitability, said Christopher Jasiak, an MCI vice president and the former president of Poland.com. He declined to discuss the plans details.
Ewa Bojar, Elektrims spokeswoman, said the company had not issued an official comment about Poland.coms second supervisory board meeting.
We are working to complete a new strategy for Elektrim and Elektrim has until the end of the year to present its new strategy for telecoms and Internet, she said.
As the Business Journal went going to press, Bojar indicated that Poland.coms supervisory board would meet again, but that the date of the meeting had not yet been set.
Poland.com was one of Elektrims Internet-related assets that were not purchased by Vivendi Universal in a recent deal that gave the French media and utilities conglomerate a controlling stake of the Polish firms telecom companies.
