The creditors of AB SNAIGE voted by a majority of votes to support the company's restructuring plan

2023-05-15 a meeting of the company's creditors was held, where the revised restructuring plan of the company was considered. The decision to approve the restructuring plan in the group of non-mortgage creditors was taken by a majority vote (almost 80%), and was not taken in the group of mortgage creditors. SODRA also voted in favour of the restructuring plan.

According to Mindaugas Sologubas, general director of AB "SNAIGE", the company respects the opinion of all creditors, is grateful to those who approved the restructuring plan and hopes that the Court of Appeal of Lithuania will  approve this plan.

According to M. Sologubas, the company's restructuring plan is in the interests of both the company and its creditors and is a real way to preserve a viable functioning company that pays salaries to employees on time and settles accounts with the State (since the beginning of the restructuring, the company has paid over EUR 0.5 million Eur to  Sodra and more than EUR 0.6 million. Eur in taxes).

"The main strategic goal during the restructuring period is to optimize and restructure the company's activities so that the company can meet its obligations to creditors as soon as possible," said M. Sologubas. During the restructuring plan, the company will implement the measures envisaged, which will help to increase the production and sales of industrial and medical refrigeration appliances with a higher added value, as well as the production and sales of more profitable household refrigeration appliances. According to M. Sologubas, the company is already continuing its activities in the chosen direction. "Industrial products account for more than half of our turnover. Our goal is to have a fundamentally changed product portfolio in 2025, where professional refrigeration equipment will account for more than 70%. We're working on it at full capacity, we have a plan for how to do it, so I have reason to believe we'll succeed."

Currently, the company has orders more than it can produce due to lack of working capital. According to M. Sologubas, the company is the only manufacturer of refrigerators in the Baltic States and a significant company in the region, which employs almost 400 people. About 100 Lithuanian companies supply various services,  materials and parts to AB SNAIGE,  therefore, in the opinion of M. Sologubas, approval of the restructuring plan will preserve jobs for employees and income for related companies.

General Director
Mindaugas Sologubas
Phone no. +370 652 11997