The Court of Appeal of Lithuania annulled the decision of the first instance not to approve the restructuring plan of AB SNAIGĖ
07 Junho 2023 - 12:00PM
The Court of Appeal of Lithuania annulled the decision of the first
instance not to approve the restructuring plan of AB SNAIGĖ
The Court of Appeal of Lithuania annulled the
2023 decision of the Kaunas District Court April 4 the decision not
to approve AB SNAIGĖ's restructuring plan and returned it to the
court of first instance for re-examination, in order to fully
assess and analyze the revised restructuring plan submitted.
General director of AB SNAIGĖ, Mindaugas
Sologubas, positively assesses the decision of the Lithuanian Court
of Appeal and hopes that the Kaunas District Court will evaluate
the revisions to the restructuring plan, which the company made
taking into account the comments of the Kaunas District Court, as
well as the company's potential, its importance and the created
value not only for the region but also and the state, and will
approve the revised restructuring plan. According to
Mindaugas Sologubs, the restructuring plan is an opportunity for AB
SNAIGĖ to solve the temporary financial difficulties the company
faced after the war in Ukraine started last year. "The main
strategic goal of the company during the restructuring period is to
optimize and reorganize the company's operations in such a way that
the company fulfills its obligations to creditors and becomes
profitable again," - said M. Sologubas.
According to M. Sologubas, AB SNAIGĖ is already
operating according to the restructuring plan: optimizing
production processes, looking for new markets and new customers,
developing a more profitable range of professional refrigeration
equipment, providing others with production services, etc. "AB
SNAIGĖ is a functioning, viable, company that pays taxes to the
state and Sodra on time, salaries to its employees, makes current
payments to its creditors, and exports its products to almost 30
European countries," said M. Sologubas.
In the opinion of the head of AB SNAIGĖ, the
company's restructuring plan meets the interests of both the
company and its creditors and is a realistic way to preserve a
viable operating company that pays salaries to employees on time
and settles with the state.
Managing Director Mindaugas Sologubas Phone +370 652 11997
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