AS VALMIERAS STIKLA ŠĶIEDRA announces filing for legal protection proceedings commencement
Summary
The Management Board of AS VALMIERAS STIKLA ŠĶIEDRA (‘the Company’) this morning filed for commencement of legal protection proceedings (‘LPP’) in order to ensure sustainable continuation of group level operations. This is despite ongoing dialogue with a number of interested parties relating to potential acquisition of partial or complete operations at its US-based majority-owned facility. The time has come to re-focus our resources and we have therefore requested a formal way to engage with all of our creditors.” The aim of the LPP process is to allow the Company with creditor consent to restructure its liabilities in an unhindered way by allowing continuous operation of its key production lines and gain time to reach agreement with its creditors on the procedure of satisfying their claims. A press conference in English and Latvian will be held later today by AS VALMIERAS STIKLA ŠĶIEDRA and represented by Chairman of the Management Board Stefan Jugel. Timing/location: 13:00 EEST (UTC+3) on June 17, 2019 at the Riga offices of Eversheds Sutherland Bitāns, located at Lāčplēša iela 20a (6th floor), phone +371 67280102.