Motieka & Audzevičius has represented an Icelandic investment company in litigation against a Lithuanian counterparty. The case involved a debt which was challenged by the respondent as being the result of the failed joint venture in which both parties suffered losses. In the middle of litigation the debtor capitulated and offered to settle. During the intense negotiations which subsequently took place, the initial offer was raised threefold and a short payment schedule was agreed. In addition to this, the debtor has fully secured his obligations by the mortgage of real estate with a value exceeding that of the obligation.
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