Earlier this week the multilingual online service's biggest shareholder and main financial backer - German publisher Burda - announced it is withdrawing funding from the venture.
Burda's stake in Europe Online is 26%. It holds an additional 7% in a trust. Other investors include Pearson, owner of the Financial Times London, and AT&T.
Only July 9 a Luxembourg Commercial Court approved Europe Online's application to enter court administration to protect itself from creditors and bankruptcy proceedings while it finds a new investor.
Burda will now concentrate on EOL, the German subsidiary of Europe Online, which is 100% owned by Burda. On July 1 Burda opened an editorial department under the name BurdaCom to prepare content for Burda's 11 online magazines.