The Ministry of Transport and Communications of the Republic of Lithuania filed with the court petition for initiation of bankruptcy proceedings in respect of PC ‘Lithuanian Shipping Company’

Date

2015 07 23

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The Ministry of Transport and Communications of the Republic of Lithuania filed with the court petition for initiation of bankruptcy proceedings in respect of PC ‘Lithuanian Shipping Company’
The Ministry of Transport and Communications of the Republic of Lithuania filed with the court petition for initiation of bankruptcy proceedings in respect of PC ‘Lithuanian Shipping Company’

Currently, most of the company’s financial commitments are overdue. The Ministry of Transport and Communications of the Republic of Lithuania, acting in implementation of LSC shareholder rights and obligations, applied to the court in accordance with the article 9 part 7 of Republic of Lithuania Enterprise bankruptcy law that states that bankruptcy proceedings shall be initiated when the enterprise is insolvent i.e. when the enterprise fails to discharge its obligations and the overdue liabilities of the enterprise are in excess of half  of the value of the assets entered in the enterprise’s balance.

The petition for initiation of bankruptcy proceedings was filed today in the electronic court system.