The Klaipeda Regional Court started bankruptcy proceedings yesterday against financially troubled Lithuanian Shipping Company, which has been on the ropes for a long time.
The line has assets of EUR31m and debts of around EUR22.5m, including EUR1.54m owed to employees, the court was told.
Of these assets the majority are held as its five-ship strong fleet, three of which have been detained. The company’s ships – all bulkers – are now likely to be sold off.
Bankruptcy proceedings against the state-controlled firm were halted this July when the line’s main creditor, a local bank, stepped in with a loan.
