A court on August 25 opened bankruptcy proceedings for Air Lituanica, a defunct airline that is indirectly owned by the city of Vilnius.
Air Lituanica
© Bendrovės archyvas

The Vilnius Regional Court appointed Baklis, a local company, as the bankruptcy administrator and gave creditors 45 days to file their claims, Vaida Bytautė, the court's spokeswoman, told BNS.

The ruling can be appealed to the Lithuanian Court of Appeals within 10 days.

The bankruptcy petition was filed by Air Lituanica CEO Nerijus Jukna and Vilniaus Šilumos Tinklai, a municipal company to which the air carrier owes 2.143 million euros.

Jukna told the court that Air Lituanica had 1.999 million euros in assets and 8.244 million euros in overdue debts.

The court rejected Estonian Air's request to be brought into the proceedings as a third party.

Air Lituanica announced on May 22 that it was suspending operations and said a week later that it would file for bankruptcy.

According to data from the Vilnius local authority, the air carrier's net loss last year soared to 10.27 million euros, almost a two-fold increase from 5.19 million euros in 2013. Its annual revenues last year rose by 70.2 percent to 6.4 million euros.

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