11.   The company announced Wednesday morning it has decided to file for legal insolvency proceedings.

12.   The Van Doorne law firm, appointed by LetsBuyIt to deal with insolvency proceedings, said LetsBuyIt.com had filed for bankruptcy at the Amsterdam district court.

13.   Insolvency proceedings were officially opened against KirchMedia, the main pillar of the collapsed Kirch empire, on Monday, sounding the starting bell for bids from potential investors.

14.   Failure to repay them could theoretically push Kirch into insolvency, since any creditor can file to open insolvency proceedings against the heavily indebted group if loans remained unpaid.

15.   Legal experts told the paper that if the mediator and then a second court-appointed conciliator failed to find a solution, insolvency proceedings would not automatically follow.