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On November 9, the Vilnius Regional Court granted the request of the Fitsout director to initiate a restructuring case against the company, judicial representative Lina Nemeikaitė informed BNS.
According to the record, Fitsout will not be able to pay past due debts to creditors in the next three months, and its earnings would not be enough to cover past due liabilities and continue operations. Therefore, the court ruled that Fitsout was in financial difficulty.
At the same time, however, the court assessed that the company had not ceased operations and plans to generate revenue in the near future, although it operates in a competitive market and during a difficult period of the pandemic. This confirms the fact that Fitsout has a need in the market for goods and services, says the court.
“The fact that the company can be restructured is confirmed by the fact that the vast majority of creditors welcome the intention to restructure and continue operations, and have given their consent to the settlement or deferral of debts,” he said. the court.
The company operating in the Kaunas Free Economic Zone (FEZ) since the beginning of 2019 is claimed to be the largest furniture production technology park in Europe. Investments in the plant amounted to about 20 million. euros.
In May 2018, the company’s CEO and minority shareholder, Jonas Stragis, said that Fitsout plans to create about 800 jobs by 2022. According to Sodra, the company currently employs 182 people.
At the beginning of last year, Stragis told the media that in 2023 the company plans to reach 60 million. turnover, and soon after it was written that the company plans to have another furniture factory.
Fitsout last submitted a report to the Records Center for 2018; at that time, the company received 91.1 thousand. 1.8 million euros of revenue. loss of EUR.
According to the Records Center, 70 percent. Fitsout shares are owned by G. Žiemelis, a Cyprus registered company, LFS Holding, another 15 percent each. Remigijus Milašius and J. Stragis, president of the Lithuanian Basketball League (LKL).
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