Chairman Dr. Christian Schwarz-Schilling resigned last Friday when rescue talks with U.S. firms CompuServe and ITT fell through, having bust the official deadline of August 2 imposed by the Luxemburg Court of Commerce. Europe Online applied to the court for protection against creditors in July, when its major shareholder, the German publisher Burda, froze its funding.
Administrators appointed by the court are now negotiating the company's future. German phone company Deutsche Telekom, which is a Europe Online creditor, has confirmed it is still interested in buying a stake. Europe Online's 12 shareholders include the U.S. AT&T, U.K. firm Pearson and the Luxemburg State Savings Bank.
Copyright August 1996 Crain Communications Inc.