Melis Fitsout faces bankruptcy

08/04/2021 Business



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Photo by Judita Grigelyts (V)

The court did not confirm the 20 million that the owner of Avia Solutions Group, Gediminas Iemelis owns. Restructuring plan for Kaunas Fitsout district furniture manufacturer, which cost EUR. The court will then rule on the bankruptcy of the company.

In such a decision, the Vilnius Regional Court will establish on Monday that Fitsout has not paid the fee since the restructuring case filed in November last year, LNS Nemeikait informs the court representative.

The company, which has the burden of proving that it pays current taxes, does not present this circumstance, so the court had no reason to conclude that the subsequent restructuring process could be effective, according to the court decision.

According to the court, the company’s restructuring case is closed and the court will later decide on the opening of bankruptcy proceedings. Fitsout can still appeal to the Lithuanian Court of Appeal.

Company chief Jonas Straigis BNS issued a court decision for comment on Wednesday.

In November last year, the Vilnius Regional Court gave Fitsout the opportunity to resolve financial problems, fulfilling J. Straigis’ request to initiate a restructuring case.

The court then ruled that the company would not be able to pay the overdue debt within three months, but also ruled that the business had not been suspended and that the company continued to receive income.

Straigis, who is also a minority shareholder in Fitsout, previously told the media that the company plans to create around 800 jobs by 2022. According to Sodra, Fitsout currently employs 209 people.

According to the Registr Center, 70% of the shares in Fitsout belong to G. zemelis mon LFS Holding, registered in Cyprus, and another 15% to the President of the Lithuanian Crepe League (LKL) Remigijus Milaius and J. Straigis.

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