Financial Services, Legislation, Lithuania, Transport

Two of the company's five ships remain unsold after two attempts to auction the assets.

The proceeds from the sale of the three ships total 6.17 million euros, which accounts for almost a half of LJL's debt to SEB Bankas, its largest creditor.

According to information available in the e-auction system, the Voruta, which is not far from Portugal, was sold to an unnamed buyer for 2.25 million euros and the Romuva, which is docked at the port of Klaipeda, for 2.17 million euros. The initial price for each of the ships was set at 1.723 million euros.

"The auction took place. Two ships received bids and the other two did not. The assets will be sold after the payment is made. The buyer has to do so within 30 days," Dalius Volskis, LJL's bankruptcy administrator, told BNS.

Volskis declined to name the buyers, but said that the proceeds would be used to pay wages to sailors and cover a part of the debt owed to SEB Bankas.

LJL's total debts stood at more than 22.5 million euros in late October 2015, including an outstanding loan of 12.814 million euros from SEB Bankas and 1.54 million euros owed to employees.