Air Lituanica creditors fail to approve non-judical bankruptcy

Air Lituanica failed (25-Jun-2015) to receive approval from its creditors to open non-judicial bankruptcy proceedings at a meeting on 25-Jun-2015. The company required 75% acceptance of the measure, with Vilniaus šilumos tinklai using its 27.78% share of creditors votes to deny the measure. Air Lituanica director Nerijus Jukna said: "It is very unfortunate that Vilniaus šilumos tinklai does not support the will of the majority of creditors and has instead decided for them. I believe that the bankruptcy procedure would have been clearer, more transparent and enabled the protection of the interests of all creditors of the company." [more - original PR - Lithuanian]