Airport, Financial Services, Legislation, Lithuania, Transport

One creditor, energy company Vilniaus Silumos Tinklai (Vilnius Heat Network), voted against the proposal. It holds 27.78% of all creditors' votes, whereas three quarters of creditors had to vote in favour of launching an out-of-court bankruptcy procedure.

Head of Air Lituanica, Nerijus Jukna, regretted that Vilniaus Silumos Tinklai did not support the majority of creditors and "made a decision on their behalf". Jukna said such settlement procedure would have bean clearer and more transparent, allowing to protect the interests of all creditors. Jukna added he would address the court on initiating bankruptcy procedures against Air Lituanica in the nearest future.

Air Lituanica stopped its operations on 22 May. On 25 May, Jukna was appointed the Head of the company. After analysing the Air Lituanica's situation he declared that the company was insolvent and summoned a meeting of creditors to consider bankruptcy.