Lietuvos Avialinijos (Lithuanian Airlines) reported preliminary losses of 8 million litas (2.3 million euros) for 2005, down 11.5 percent from 2004's losses. The company said in a statement that it managed to reduce losses significantly in the last quarter of 2005 after posting losses of 24 million litas for the first nine months. The company, which has almost no working capital and property assets, said last month that it would file for bankruptcy unless it could reach an agreement with Vilnius Airport on the repayment of almost 12 million litas in debt, most of which was inherited from the previous owner (the state). LAL's total debt to the airport exceeds 19.5 million litas. The airline is 100 percent owned by LAL Investiciju Valdymas (LAL Investment Management), which is controlled by Fima, an electronic and engineering solutions firm.
