Snaige AB

Legal Proceedings Report • Jan 23, 2023

Disclosure 417236

Snaige - Notification on material event

The deadline for submitting AB SNAIGĖ‘s restructuring plan has been extended

In 2023 January, 20, The Kaunas District Court granted the request of AB Snaigė's insolvency administrator Aurimas Valaitis to extend the deadline for submitting the Company's restructuring plan to the court until 2023 March 20

According to the Company's general director, Mindaugas Sologubas, this decision was made because one of the Company's mortgage creditors started transferring claim rights to a new creditor. Since the new creditor needed more time to enter the restructuring process due to the ongoing formalities, it was decided to postpone the consideration of the draft restructuring plan.

The Company's other creditors approved the Company's restructuring plan by a majority of votes during the voting.

In M. Sologubas's opinion, the Company's restructuring plan meets the interests of the Company and its creditors. It gives optimism that the Company will be able to resolve temporary financial problems.

"The main strategic goal of the Company during the restructuring period is to optimize and reorganize the company's activities in such a way that the company can fulfil its obligations to creditors as soon as possible," said M. Sologubas.

During the restructuring plan, the Company will implement the planned measures that will help increase the production volume and sales of industrial and medical refrigerating devices with higher added value, as well as the production and sales of more profitable exclusive domestic refrigerating devices.

Managing Director

Mindaugas Sologubas

Phone +370 652 11997