Gigabell, the internet services firm which stands to lose its Neuer Markt listing, could be the first in a long line of cash-strapped internet companies to suffer at the hands of a shake-out in Frankfurt's fledgling high-growth market.

Gigabell last Friday filed to a German court seeking protection from creditors, the equivalent of beginning Chapter 11 proceedings in the US. Gigabell, if it goes bankrupt, will be the first Neuer Markt-listed company to fail in the market's three-year history.