On-line business and information directory Scoot.com has
announced several precautionary tactics intended to prevent the
company’s demise. These include selling its 50% stake in the joint
venture Scoot Europe to its partner French company Vivendi
Universal. This means that Vivendi now owns all Scoot’s operations
based in France, Belgium and the Netherlands.
Scoot.com admitted on 27th June that it could not fulfil its
funding obligations towards Scoot Europe and at that stage entered
into negotiations with Vivendi to resolve its financial situation.
If Scoot.com had not made the decision to sell up, it would have
been forced to file for bankruptcy on 27th July, since the Belgium
subsidiary of Scoot Europe would have been unable to meet its
salary obligations.
In an attempt to raise vital funding, Scoot.com is considering
disposing of classified publishing group Loot UK or securing
bridging finance against the assets of the company of up to £15
million. It suggests that the most feasible option is the disposal
of Loot UK. The company had previously announced 285 job cuts and
last month its chief executive Robert Bonnier resigned.
