Alinita UAB, a company belonging to Panevezio statybos trestas AB Group, engaged in installation and designing of indoor engineering systems, is facing financial difficulties and plans to start the restructuring process.
The management of the company is optimistic about the business prospects and confident that it can resolve the temporary financial difficulties, however some extra time and assistance of creditors are required.
‘As a result of unanticipated challenges caused by the COVID-19 pandemic, increased operating costs, as well as supply chains disrupted by the war in Ukraine, the company faced financial difficulties. Together with rising raw material prices and operating costs, these factors condition the need to start the restructuring process’, says Vitalijus Malinauskis, Director of Alinita.
The decision on initiation of the restructuring process has been taken. As provided for in the Law on Insolvency of the Republic of Lithuania, the necessary steps will be made to initiate restructuring of the company – informing creditors, applying the court of the Republic of Lithuania for the opening the restructuring proceedings, preparing the restructuring plan and taking all other necessary actions to ensure that the planned restructuring process has as little negative legal, economic, social and reputational consequences as possible.
With reference to the forecast of activity plans, duration of the restructuring process should not exceed the period of 4 years from the date of the court order approving the restructuring plan. The plans include settlement with all creditors and successful completion of the restructuring processes.
More information:
Managing Director
Tomas Stukas
Tel.: +370 618 21360
