Industry, Latvia, Legislation

International Internet Magazine. Baltic States news & analytics Monday, 18.11.2019, 09:28

Court approves plan of Valmieras Stikla Skiedra legal protection proceedings and respective process implementation

BC, Riga, 18.10.2019.Print version
Vidzeme District Court has adopted a decision approving the plan of Valmieras Stikla Skiedra fiberglass maker's legal protection proceedings and the respective process implementation, according to the company's statement to the Nasdaq Riga stock exchange.

The court’s decision is final.


As reported, Valmieras Stikla Skiedra fiberglass maker filed an application with the court for approval of the plan of measures of legal protection proceedings and the implementation of the legal protection plan.


The company has received consent from 100% of secured creditors and 77.15% of unsecured creditors for the 24 month financial recovery plan developed by Valmieras Stikla Skiedra. The company appreciates the support it has received so far and hereby expresses its gratitude to its various creditors and other stakeholders.


Vidzeme District Court has on September 19, 2019 adopted a decision approving Janis Lagzdins as a supervisor of company’s legal protection process. The court’s decision is final.


On June 18 the Vidzeme District Court adopted a decision to initiate the company's legal protection plan and set a deadline for the plan of measures for the legal protection plan to be drawn up and agreed with the company's creditors before August 19, while this deadline was extended by a court decision dated August 27 until September 19, 2019.


Valmieras Stikla Skiedra fiberglass maker turned over EUR 112.983 mln in 2018, down 10.2% from 2017, and sustained a loss of EUR 14.991 mln in contrast to a profit made the year before.


Valmieras Stikla Skiedra group comprises the parent company Valmieras Stikla Skiedra and its three subsidiaries: Valmiera Glass UK Ltd. in the United Kingdom, Valmiera Glass USA Corp. and Valmiera Glass USA Trading Corp. in the United States. Valmieras Stikla Skiedra shares are quoted on the Secondary List of the Nasdaq Riga stock exchange.







    Search site