Foodstuff, Latvia, Markets and Companies

The company’s representatives informed that on Thursday, August 23, 2018, Zemgale District Court granted Baltic Dairy Board’s request regarding the withdrawal of the application for a legal protection process and termination of civil proceedings.

On May 16, 2018, Zemgale District Court opened proceedings based on Baltic Dairy Board’s request for a legal protection process. The dairy company was ordered to come up with a plan for legal protection measures and to agree it with creditors by July 17, 2018. Later, the court extended the deadline by August 17.

As reported, Baltic Dairy Board achieved 19.456 mln euros in turnover last year, a 4.6% increase on 2016, but the company's losses increased threefold, amounting to 1.118 mln euros, according to the company's annual report submitted to Nasdaq Riga.

Baltic Dairy Board (formerly Sigilo KV) acquired the insolvent dairy company Bauskas Piens in 2012, the company's new dairy plant was put into operation in December 2015.