Panevezio Stiklas capital increase

It was reported in September that restructuring undergoing at leading Lithuanian glass factory Panevezio Stiklas is to boost its EUR 14.5 million worth authorized capital by EUR 2.9 million. The said …

It was reported in September that restructuring undergoing at leading Lithuanian glass factory Panevezio Stiklas is to boost its EUR 14.5 million worth authorized capital by EUR 2.9 million. The said decision was taken by the company“s shareholders. Restructuring of the factory was made possible after government agreed to write-off and capitalise about one third of its debts, as well as after the decision to postpone the pay out of remaining sums. Kestutis Butkus, administrator for restructuring, said after the reshuffle the company will be operating more efficiently, paying taxes and investing in modern technologies. The deadline for the repayment of government debts was extended until 2014, while the company plans to satisfy all its creditors“ claims in 19 years, before 2019. As of early 2002, debt of Panevezio Stiklas to finance ministry stood at EUR 28.6 million, and debts to Hansa-LTB, the loan by which was issued under government guarantee, made EUR 3.1 million. The company“s assets made EUR 53.6 million in the beginning this year, out of which long-term assets accounted EUR 39.1 million, whereas liabilities and sums payable stood at EUR 43.3 million. A lawsuit on the company restructuring aiming at protection of it against bankruptcy was brought against the factory in mid August 2001. It was also agreed by the major owner of Panevezio Stiklas, Polish Warta, which holds a 99.3% stake in the factory. In 2001, the glass manufacturer posted sales of over EUR (26.1 million but failed to end the year in surplus. In the previous year losses stood at EUR 6.5 million.