CORRECTION: The Baltic Dairy Board legal protection case has been closed
Corrections: updated notice
On December 12, 2019, the Zemgales District Court decided: The Baltic Dairy Board legal protection proceedings (LPP) has been closed.
More than 60% of unsecured creditors and the State Revenue Service (SRS) supported and approved the LPP plan, but the secured creditor (bank) was not able to approve the Baltic Dairy Board LPP plan until November 7, 2019 due to debt formalities.
The company has entered into long-term contracts for the supply of products, in May of this year has started regular production and supply of products for the organic products and baby foods sectors. The EBITDA results of recent months have been positive with increasing turnover and earnings trend.
In order to ensure the same debt repayment terms for all unsecured creditors the company plans to resubmit a LPP application to the court when debt restructuring will be completed and reconciliation with the secured creditor will be possible.
For information: turnover for 2019 is expected to be at least EUR 2,2 million of which EUR 1,1 million will be generated in the last three months of 2019. Taking into account existing contracts for 2020 and existing product deliveries the turnover for 2020 will be at least EUR 5 million.
Member of the Board
Phone +371 26010072