Regarding the bankruptcy and liquidation of BUAB Geoterma

Lietuvos Energijos Gamyba, AB, registration code 302648707, registered office placed at Elektrinės str. 21, LT-26108 Elektrėnai, the Republic of Lithuania (hereinafter referred to as the Company). The total number of ordinary registered shares issued by the Company is 648 002 629; ISIN code LT0000128571.

According to the ruling of the Court of Klaipeda District (hereinafter referred to as the Ruling) on August 23, 2019, BUAB Geoterma (hereinafter referred to as Geoterma) has been declared bankrupt and shall be liquidated due to insolvency. The Ruling became effective on September 3, 2019. The Company owns 23.44% of Geoterma shares.

Bankruptcy proceedings against Geoterma, a company that operated a geothermal heating plant, were filed by the Court of Klaipeda District on March 15, 2019. UAB PALTAJA has been appointed as the Bankruptcy Administrator. On May 17, 2019, the Court of Klaipeda District approved the EUR 124,749.79 financial claim of the mortgage creditor Lietuvos Energijos Gamyba, AB.

Since a peace agreement has not been concluded during the bankruptcy proceedings, the restoration of the company's solvency is impossible and Geoterma will be subject to the insolvency proceedings by the Ruling. UAB PALTAJA has been appointed to lead the liquidation of the company.

Berta Jasiukėnaitė, Public relations project manager, +370 694 60771, [email protected]

You May Also Be Interested In

• Priority Tax Relief Reaches $450 Million Milestone in Active Federal and State Tax Obligations Managed
• BIOSTAR Unveils Comprehensive Edge AI and IPC Lineup at LEAP 2026
• PAR Technology Corporation to Participate at Goldman Sachs Communacopia + Technology Conference