VILNIUS - Bust Lithuanian Airline Air Lithuanica’s woes continued last Thursday, as an attempt to initiate out-of-court bankruptcy proceedings fell short of the required amount of votes from its creditors.
One creditor, energy company Vilniaus Silumos Tinklai (Vilnius Heat Network), voted against the proposal. It holds 27.78 percent of all creditors’ votes, whereas three quarters of creditors had to vote in favour of launching an out-of-court bankruptcy procedure.
Head of Air Lituanica, Nerijus Jukna, regretted that Vilniaus Silumos Tinklai did not su...
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