Financial Services, Lithuania, Port, Transport

International Internet Magazine. Baltic States news & analytics Thursday, 28.03.2024, 15:58

Lithuania's troubled shipper LJL suffers EUR 7.3 mln loss in 9 months

BC, Vilnius, 23.11.2015.Print version
Lietuvos Juru Laivininkyste (Lithuanian Shipping Company, or LJL), which is teetering on the brink of collapse, saw its net loss for the three quarters through September 2015 widen to 7.317 million euros, from 4.561 million euros in the same period last year, informs LETA/BNS.

LJL's equity capital at the end of September amounted to 10.097 million euros, according to the financial statements of Lietuvos Gelezinkeliai (Lithuanian Railways) for the three quarters.

The state railway company in late September took over a 56.66% stake in LJL from the Transport Ministry in a deal worth 469,500 euros.

 

The CEO of LJL, which has no money to pay its suppliers and employees, earlier this week asked a court to open bankruptcy proceedings, but he withdrew his petition a day later, saying that SEB Bankas, the shipper's biggest creditor, had come up with a proposal to resolve the financial situation in the company.

 

LJL is quoted on the Secondary List of the Nasdaq Vilnius stock exchange, but trading in the shares has been suspended.






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