To save Litexpo from bankruptcy, the ministry proposes to allocate 1 million. EUR Business

The Ministry proposes to allocate this amount as a state contribution from the Ministry’s appropriations this year, increasing the authorized capital of the company from 9,654 million. up to 10,654 million euros to avoid the bankruptcy of Litexpo.

“The positive consequences of the draft resolutions will be to ensure the continuity of the activities of the private limited company Lithuania Litexpo Congress and Exhibition Center and to protect the company from bankruptcy,” the draft resolution states.

The ministry notes that during the first quarantine in March-June alone, the company did not receive around 2 million jobs due to event restrictions. With the introduction of a second quarantine on Saturday, the additional plan will also not be implemented due to renewed travel and event restrictions.

Justinas Bortkevičius, director of Litexpo, told BNS that the major exhibitions have already been canceled this year, and it is already clear that some of them will not be held next year.

“Our turnover is down by more than 70 percent, all of the major exhibitions this year have not actually taken place; I mean both the Resta exhibition and the canceled food industry exhibition. And those exhibitions that were, furniture and so on, were carried out in a minimalist way. We are transforming and creating a solution for hybrid exhibitions, “said J. Bortkevičius.

With the rapid spread of the coronavirus in Lithuania, a three-week quarantine was introduced on Saturday, imposing various bans and restrictions, including a ban on mass events. The first quarantine of this year was introduced in March-June.