The extension of the term for preparation and approval of the plan of legal protection proceedings
Summary
The extension of the term for preparation and approval of the plan of legal protection proceedings AS VALMIERAS STIKLA ŠĶIEDRA (hereinafter – “Company”) has filed an application in the court regarding the initiation of the legal protection proceedings (hereinafter – “LPP”), and Vidzemes District Court has passed a decision on 18 June 2019 to initiate the LPP of the Company, as well as has determined that the plan of LPP must be prepared and filed with the court by 19 August 2019 (hereinafter – “Plan”). While developing the LPP Plan, the Company is guided by its commitment to satisfy all its creditors’ claims to the extent of the principal debt. Despite the above-referred challenges, the Company is already working with due care on the preparation of initial LPP Plan, so that it could be completed within the term set by the court decision, i.e. by 19 August 2019. However, additional time will be necessary for the preparation of the final version of the Plan and for the receipt of the consent from the Company’s creditors. According to Article 40 paragraph two of the Insolvency Law, the term for the preparation and approval of the plan of LPP Plan may be extended by one month, if agreed by the majority of creditors, as defined in the Insolvency Law, and if the court is informed immediately.