Airport, Lithuania, Transport

The company says an investor is not necessary for the company, but it's still looking for one.

The changes will be different from the ongoing processes in the other two countries, it said.

"In these two countries, the companies failed to control expansion and rising costs, and, therefore, we started restructuring there earlier this fall. Due to the ongoing changes in the German and Polish companies, Small Planet Airlines in Lithuania will not get service revenue from these companies, therefore, it will try to cut infrastructure and also protect its activity from the demands of external service providers," the company said in a statement.

Simonas Bartkus, head of marketing at Small Planet Airlines, told the company on Tuesday turned to Vilnius Regional Court, requesting permission for restructuring its business.

The ongoing restructuring will not affect Small Planet Airlines flights from Lithuania to foreign destinations, the company said.

Small Planet Airlines says it warranted for the German and Polish companies for services of external providers, and they have the possibility to turn to the company in Lithuania to recover the debts of the German and Polish enterprises.

Bartkus refrained from disclosing the size of the debts the companies have. In his words, they will depend on agreements with creditors.

Kristijonas Kaikaris, CEO at Small Planet Airlines, said the Lithuanian company's annual profits, estimated at 3.4 mln euros, will not be enough to cover the debts of the German and Polish companies.

In his words, after an investor is found, the restructuring process in Lithuania could be finished earlier. Thus, the company does not discount this possibility and is speaking with potentials investors.

Small Planet Airlines' revenue in Lithuania is expected to reach 122.7 million euros at the end of this year, up almost a fifth from the last year.