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Saturday, 02.08.2025, 17:30
Court ruling declaring Lithuania’s LJL bankrupt comes into force
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The ruling of Dec. 14, which opened bankruptcy proceedings against the financially-troubled shipping company, had not been contested within the statutory time period and therefore had come into force, Kestutis Butvydas, spokesman for the court, told BNS.
As estimated by the court, LJL had approximately 31 million euros in assets, including 24 million euros in fixed assets, at the end of October. At the same time, the company’s debts exceeded 22.5 million euros, including 1.54 million euros owed to employees.
Five vessels, which were all used as collateral, comprised the bulk of the company’s fixed assets, the court said, adding that three of five vessels were detained.
Monday was the last day LJL traded on the NASDAQ Vilnius Stock Exchange.
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