The creditors of AB SNAIGĖ voted by a majority of votes to support the company's restructuring plan
18 May 2023 - 2:00AM
The creditors of AB SNAIGĖ voted by a majority of votes to support
the company's restructuring plan
2023-05-15 a meeting of the company's creditors
was held, where the revised restructuring plan of the company was
considered. The decision to approve the restructuring plan in the
group of non-mortgage creditors was taken by a majority vote
(almost 80%), and was not taken in the group of mortgage creditors.
SODRA also voted in favour of the restructuring plan.
According to Mindaugas Sologubas, general
director of AB "SNAIGĖ", the company respects the opinion of all
creditors, is grateful to those who approved the restructuring plan
and hopes that the Court of Appeal of Lithuania will approve
this plan.
According to M. Sologubas, the company's
restructuring plan is in the interests of both the company and its
creditors and is a real way to preserve a viable functioning
company that pays salaries to employees on time and settles
accounts with the State (since the beginning of the restructuring,
the company has paid over EUR 0.5 million Eur to Sodra and
more than EUR 0.6 million. Eur in taxes).
"The main strategic goal during the
restructuring period is to optimize and restructure the company's
activities so that the company can meet its obligations to
creditors as soon as possible," said M. Sologubas. During the
restructuring plan, the company will implement the measures
envisaged, which will help to increase the production and sales of
industrial and medical refrigeration appliances with a higher added
value, as well as the production and sales of more profitable
household refrigeration appliances. According to M. Sologubas, the
company is already continuing its activities in the chosen
direction. "Industrial products account for more than half of our
turnover. Our goal is to have a fundamentally changed product
portfolio in 2025, where professional refrigeration equipment will
account for more than 70%. We're working on it at full capacity, we
have a plan for how to do it, so I have reason to believe we'll
succeed."
Currently, the company has orders more than it
can produce due to lack of working capital. According to M.
Sologubas, the company is the only manufacturer of refrigerators in
the Baltic States and a significant company in the region, which
employs almost 400 people. About 100 Lithuanian companies supply
various services, materials and parts to AB SNAIGE,
therefore, in the opinion of M. Sologubas, approval of the
restructuring plan will preserve jobs for employees and income for
related companies.
General DirectorMindaugas SologubasPhone no. +370 652 11997
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