COURT RULING ON INTEGRE TRANS TO BE APPEALED
On 17 July 2024, the Vilnius Regional Court adopted a ruling (the Ruling) by which, among other things, the court dismissed the application for the opening of restructuring proceedings against UAB ,,Integre Trans", legal entity 301888546 (the Company), and also decided to open bankruptcy proceedings against the Company and to seize the Company's long-term assets, real property classified as short-term assets, or property rights, pending the date on which the Ruling enters into force.
Please note that the court has upheld the interim measures imposed on the Company by the ruling of 20 June 2024 and that the Company continues to operate and fulfil its obligations in accordance with the terms established by the court.
The CEO of the Company, Žana Kel, fundamentally disagrees with the reasoning of the Ruling and intends to appeal the Ruling in accordance with the applicable law, since the Company is operating and is financially viable and all the other substantive and procedural conditions for the opening of a restructuring case continue to be met, and there are no grounds for the refusal to open restructuring proceedings against the Company.
Among other things, in the opinion of the Company‘s management, the court failed to properly and systematically assess all the evidence presented in the case or assessed it too formally. For example, the court failed to take into account the positive conclusions of an economic/financial expert with more than 20 years of experience, on the viability of the Company and the prospects for restructuring. The Company continues to take the consistent view, based on evidence and expert assessment and conclusions, that the Company is viable and that its financial difficulties are of a temporary nature which could be resolved by restructuring the Company. Concrete and realistic measures exist and have been disclosed to the court which will enable the Company to gradually generate the positive cash flow necessary to remedy the Company's financial situation. The effectiveness and feasibility of these measures have been established in the expert report submitted to the court.
The Company will inform when the appeal against the Ruling is reviewed by a higher court.
|
