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Bankruptcy declared for Lino Audiniai
Danuta Pavilenene, BC, Vilnius/Panevezys, 17.07.2008.
Print version
Print versionThe ruling of the Panevezys regional administrative court to start the case on bankruptcy for Linas subsidiary Lino Audiniai, earlier operating under the name Linas Nordic, came into force.
More than 900 people work in Lino Audiniai. This is the largest company in Panevezys, going bankrupt after the producer of the kinescopes, company Ekranas, which became bankrupt two years ago and currently is finishing the liquidation procedures, informs ELTA.
The company Lino Audiniai is indebted to suppliers, banks and other creditors.
Head of Linas company Ramunas Lenciauskas explains that the unfavourable business environment pushed the company into the bankruptcy – the growing inflation, growing input, slowing economy and especially the competitiveness with textile of Asian countries.
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