Alinita Plans to Start Restructuring
06 June 2024 - 3:10PM
UK Regulatory
Alinita Plans to Start Restructuring
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
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