AB SNAIGĖ shareholders will consider the adjusted restructuring plan
April 25 2023 - 11:00AM
AB SNAIGĖ shareholders will consider the adjusted restructuring
plan
Additional information for the Ordinary General
Meeting of Shareholders of AB "Snaigė" (hereinafter referred to as
the "Meeting") to be convened on 28 April 2023 at 10 a.m.
The Company's shareholders are invited to
participate in the Ordinary General Meeting of Shareholders and to
vote on the items on the agenda of the Meeting by submitting duly
completed general voting ballot to the Company (at Pramonės g. 6,
Alytus, Lithuania) in advance. The ballot paper must be accompanied
by a document confirming the right to vote.
The Company’s shareholders will discuss the
adjusted restructuring plan. AB SNAIGĖ made technical corrections
taking into account some comments of the Kaunas District Court.
They did not influence the essence of the restructuring plan, nor
the goals pursued, nor the means to achieve them, nor the term of
validity, etc.
In the adjusted restructuring plan, the company
provided non-personalized lists of its creditors and debtors. In
the first version of the plan, protecting the confidentiality of
debtors and creditors, this was not done, but both creditors and
debtors were disclosed to the court in a separate document. The
company's mortgage creditors are also named in the plan. Also added
(calculated) the financial requirements covered by the second stage
(which was not disclosed in the previously submitted restructuring
plan).
The company did not agree with other comments of
the Kaunas District Court. AB SNAIGĖ appealed the court's decision
not to approve its restructuring plan to the Lithuanian Court of
Appeal. In the opinion of AB SNAIGĖS, such a decision of the
district court represents the interests of only one - the main
mortgage creditor and ignores other non-mortgage creditors, most of
whom support the company's restructuring plan.
Failure to approve the restructuring plan leads
to the closure of a functioning company that pays taxes and
salaries to its employees on time. More than 350 SNAIGĖ employees
may be out of work. Employees of those companies that serve SNAIGĖ
will also lose their jobs. According to the mayor of Alytus,
Nerijus Cesiulis, AB SNAIGĖ is one of the largest employers not
only in Alytus but also in the entire region, its closure will
threaten the Alytus region with a social catastrophe, as neither
the city of Alytus nor the region will be able to offer so many
jobs.
In the opinion of AB SNAIGĖ General Director
Mindaugas Sologubas, the company's shareholders will undoubtedly
approve the adjusted restructuring plan, as its essence, goals and
measures remained unchanged. "Our plan is a real and reasonable
opportunity not only to solve temporary financial difficulties, to
settle with creditors, but also to continue to create and develop
the segment of refrigeration equipment, to export, to create added
value," said Mindaugas Sologubas.
Attached:
- AB “Snaigė” restructuring plan (adjusted)
General managerMindaugas SologubasPhone no. +370 652 11997
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