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 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 [phone]