Bankruptcy proceedings start against Lithuanian Shipping Company

Bankruptcy proceedings start against Lithuanian Shipping Company

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.

 

Sam Chambers

Starting out with the Informa Group in 2000 in Hong Kong, Sam Chambers became editor of Maritime Asia magazine as well as East Asia Editor for the world’s oldest newspaper, Lloyd’s List. In 2005 he pursued a freelance career and wrote for a variety of titles including taking on the role of Asia Editor at Seatrade magazine and China correspondent for Supply Chain Asia. His work has also appeared in The Economist, The New York Times, The Sunday Times and The International Herald Tribune.

Related Posts