Klaipeda County Court decided to declare the company declared Lithuanian Shipping Company bankrupt on May 30 and the company has gone into liquidation.
The company’s creditors will meet with its bankruptcy administrator in Vilnius on June 10 to discuss the liquidation process, claims and the sale of LSC’s two remaining vessels.
The bulk carriers failed to sell at auction in March and remain in limbo. Bidding for Venta (pictured; 24,200 dwt, built 1995) and Raguva (16,900 dwt, built 1995) failed to meet the vessels’ respective reserve prices of €1.9m and €1.6m. Raguva is still in Ceuta, Spain, and Venta is at Klaipeda.
Bankruptcy proceedings commenced against LSC in December. The company has assets of €31m and debts of around €22.5m, including €1.54m owed to employees.
In early May, LSC sold two of its bulk carriers at auction, which raised $1.0m more than the combined reserve prices for Voruta (17,800 dwt, built 1998) and Romuva (17,800 dwt, built 1998).
Deltuva (16,900 dwt, built 1994) was sold at auction in March for €1.75m, just over its €1.5m reserve.
LSC was founded in 1969 and is 56.6% by the government of Lithuania and 40.5% by private shareholders.