Air Lituanica, an already defunct airline established by the city of Vilnius, will try to open bankruptcy proceedings in court.
© DELFI / Šarūnas Mažeika

On Thursday, the company’s creditors voted against an out-of-court bankruptcy process, the airline said in a press release.

That proposal was rejected by one creditor – Vilniaus Šilumos Tinklai (Vilnius Heating Grids), a municipal company that holds 27.78 percent of creditor votes. The out-of-court bankruptcy process needed the approval by three quarters of creditors to go ahead.

The airline, which is majority-owned by Vilnius local authority, said in a statement on May 22 that it was ceasing operations. A week later, it announced plans to file for bankruptcy.

Air Lituanica last year suffered a loss of around 10 million euros, up from a loss of 5 million euros recorded in 2012-2013.

BNS
It is prohibited to copy and republish the text of this publication without a written permission from UAB „BNS“.

Swedbank's pension funds invest EUR 200 mln into sustainable business

Pension funds managed by the Swedbank financial group are investing 200 million euros, or a sixth...

Belarus complains: Lithuania's blocking Minsk-EU agreement

Belarusian representatives complained in Brussels last week that Lithuania is blocking the...

New trends in startup world: unicorns' aspiration is not key anymore

The question when the first unicorn with over 1 billion of US dollars in value will appear in the...

Shopping frenzy: biggest retail chains plans allocate millions of euros for new stores

Lithuania's five biggest retail chains – Maxima , Lidl , Rimi, Iki and Norfa – have...

Construction launched on EUR 15 mln hotel in Kaunas

Construction is being launched on a 15-million-euro Moxy hotel, part of the Marriott Group , in...