The Kaunas court approved such a request from the head of Augustas Obuchavicius on Thursday.

"It can be concluded that, although" Lietuvos cukrus "is a company with financial difficulties, which can not currently fulfill its obligations and can reduce losses which, without the help of creditors, will force it to cease its activities and go bankrupt, but these difficulties are not of permanent permanence, written in legal order.

Swedbank does not believe in restructuring the company

According to the file, the value of the total assets of the sugar factory "Lietuvos Sava" amounted to almost 31.8 million at the end of April. and the bulk of this property (almost 70%, or 22.1 million euros) was tangible assets in the long term. At the end of April the company had also collected nearly 6 million. retained earnings.

According to the court, the short-term debt of the company currently amounts to 29.6 million. EUR, of which overdue amounts – nearly 10.9 million. EUR, of which nearly 8.7 million. The euro is a debt to Swedbank.

The court of the bank asked to reject the request for restructuring of "Lietuvos cukrus" and argued that part of the assets of the company amounted to 7.6 million. The claim on the euro comes from the non-practicing activity of another V. Kučinskas company "Arvi biofuels".

The court of the Swedbank has indicated that the restructuring plan of the company does not contain any real measures by which the company can be repaired. According to the bank, the business plan of the company is based on two points: acting as it has been to this day, and waiting for the sugar prices to rise, secondly waiting for an investor who has not been able to do so until now. to pull.

The sugar court in Lithuania has indicated that the company's debt to Swedbank amounts to almost 8.7 million. The bank itself claims that the company owes almost 8.9 million euros to it. euro.

The court did not agree with such arguments from the bank.

"Even in the event of rejection of the specified assets and the assessment of the amount of the debt as declared by the bank, these circumstances do not change the assessment of the solvency of the defendant, since even the arrears of the Lithuanian sugar to the creditors do not exceed half of the value of the assets they book (assets – EUR 24.2 million in arrears – EUR 1 million), "- it is stated in the ruling of the Kaunas Regional Court.

Difficulties started with the abolition of quotas

The head of the "Lithuanian sugar" A.Obuchavičius pointed out to the court that the company had stopped smoking because of the situation on the sugar market and in the competitive environment. According to reports, since the expiry of the sugar quota regime of the European Union (EU) in October 2009, EU producers have been able freely to dispose of all their sugar in all the countries of the Community, resulting in a surplus of sugar on the market and a sharp fall in prices.

"Both the company and the sugar producers from other EU countries have faced serious economic problems in recent years. (…) In the event of a change in market conditions, financial institutions do not agree to make additional financial resources available. …) The financial instability of the company was determined by the beginning of legal proceedings with suppliers, (…) the bailiff started to carry out 5.6 million according to the notarial data submitted by the bank of the bank Swedbank ", – the head of the company indicated in court.

The head of "Lithuanian sugar" stated that without the help of creditors the company could not repay the recovered amounts, but after the restructuring of the company the amounts could be repaid within the next 4-5 years.

"The company did not agree that the bank would finance its activities for the renewal of the credit line agreement, and the shareholder's help is currently not sufficient to contribute to the financing of the company's business. a deal with the company Žvalguva to invest in the company, allowing financial flows to be regulated and financial problems resolved in the short term, "stated A.Obuchavicius at Kaunas regional court.

One of the largest employers in the Marijampolė region, which created up to 300 jobs, has been sued by the court "Lietuvos cukrus". The head of the company also claimed in court that the company plans to continue sugar production and trade, which is guaranteed by signed commodity contracts for 240 thousand. tons of sugar beet.

"Although the company currently does not have sufficient resources to settle with all its creditors, the company's performance trends indicate that there are realistic preconditions for overcoming temporary financial problems." The company is consistently active and generates regular income, but for objective reasons, this income is not enough to cover all financial obligations, "said the head of the" Lietuvos cukrus ".

V. Kucinskas financial difficulties

The court of Kaunas, which opened the Lietuvos cukrui restoration case, has allowed the company to pay salaries to employees, pay taxes to the state, social security contributions and other current contributions for an amount of 6.4 million. per month. The company's restructuring plan must be completed within six months.

The decision of the regional court of Kaunas can be brought within 7 days at the court of appeal of Lithuania.

This is not the first case in which entrepreneur V. Kučinskas and his companies face financial problems. At the end of January the portal delfi.lt announced that the restructuring case had been filed against the fertilizer production company Arvi fertis. The Court of Appeal then ruled that the overdue obligations of the company did not represent more than half the value of the company's assets on the balance sheet. The companies "Best Fert" and "Dreymoor Fertilizers Overseas PTE" sought the bankruptcy court "Arvi Fertis".

Almost 20 million The Russian commercial bank Alfa-Bank also tries to recover from the dishes of V. Kučinskas. The bank's entrepreneur, indirectly owned by the Kärwäische Fertilizer Company Arvi NPK, issued several loans in 2012-2014 and asked in April 2016 for early repayment of loans, interest and default.

V. Kucinsk himself accused the bank that he did not want to negotiate about 12 million people. the overdue payments of the euro, which resulted in the suspension of the Königsberg operation.