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Panevezio Stiklas to clear debts

Panevezio Stiklas, the largest glass manufacturer in Lithuania, is working on the restructuring plan to facilitate clearing its financial liabilities of around LTT 150 million within 4 years.
The com…

Panevezio Stiklas, the largest glass manufacturer in Lithuania, is working on the restructuring plan to facilitate clearing its financial liabilities of around LTT 150 million within 4 years. The company was to specify the amount of liabilities on 10 October, when creditors were to submit the final debt list and court would approve the figure. The court opened a restructuring case, a measure undertaken to avoid Panevezio Stiklas bankruptcy, on 14 August. The major holder of the glass factory, Polish Warta glass manufacturer was also behind this measure. “Verslo Zinios” business newspaper cited administrator of Panevezio Stiklas Kestutis Butkus as saying that the restructuring case had suspended for a while the payment of penalty money and interest, which meant a saving of around LTT 10 million per year. The factory liabilities to workers constituting LTT 1.5 million are expected to be cleared within three months. Moreover, the creditors and investor Warta have announced plans to issue a minimum LTT 20-million share emission. The restructuring plan for Panevezio Stiklas is due by November. In the first half of year, the Panevezio company sales stood at LTT 40.18 million. Although the glass manufacturer earned profits from operating activities, it reported LTT 10.6-million losses owing to old debts.

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