Eleventh hour lifeline for Letsbuyit.com

NEWS The company also said it has secured a commitment for further funding in the region of E50m (£31.5m), mostly from Munich-based VC firm Kimvestor. The firm's share price rose in early trading to E0.53 (33p) after closing at E0.26 (16p), an increase of 111 per cent. Letsbuyit.com had been only hours from bankruptcy, with a funding deadline of Wednesday night to cover the costs of trustees. The E4m (£2.5m) comes from original investors and the new company Kimvestor, the investment vehicle of convicted hacker Kim Schmitz. Schmitz was quoted in today's Guardian saying he was convinced the company could be great again under new management. Letsbuyit.com said it had withdrawn its request for bankruptcy, although it remains under court protection from creditors.