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"The situation has become critical due to a shortage of funds," GediminasZiemelis, an indirect shareholder of FlyLAL, said at a news conference.
Transport Minister Eligijus Masiulis saidat a news conference, however, that he would not assume responsibilityfor the troubles of the company.
FlyLAL's shareholders have also proposed a package of measures to helpput the financially-troubled airline back on track.
The shareholders said that FlyLAL's debts not backed by assets wererunning at 89 million litas (EUR 25.8 mln), including around 47.5 millionlitas owed by the airline to its owners.It is estimated that FlyLAL's bankruptcy would slice a billion litas offthe country's gross domestic product annually and would cost the statearound 30 million litas in lost tax revenue.