Initiation of restructuring proceedings

Motieka & Audzevičius Dispute Resolution team has successfully represented our client – a company that produces edible and crude (unrefined) oil – in a civil case before the Court of Appeal of Lithuania. The court of appeal repeatedly heard the case and upheld the judgment of the Panevėžys Regional Court in favor of the client – confirmed the initiation of restructuring proceedings and refused to initiate bankruptcy proceedings.

This judgment of the Court of Appeal of Lithuania is particularly important to the client, as one of its creditors (the bank that granted the loan) actively sought the initiation of bankruptcy proceedings and impeded to perform its activities.

Despite this, Motieka & Audzevičius team managed to convince the court of appeal that exist all the necessary conditions for restructuring proceedings.

Therefore, our client (that owns one of the largest and most advanced oil extraction and refinery plants in the Baltics) is provided with an opportunity to overcome temporary financial difficulties and successfully continue its oil production and other activities.