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Dvarčionių Keramika management won't comment on next steps to avoid bankruptcy

Pinigai
Tomo Urbelionio/BFL nuotr. / Pinigai
Šaltinis: BNS
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The management of Dvarčionių Keramika, the largest manufacturer of ceramic tiles in the Baltics, decline to say whether and how they will rescue the company after Swedbank, its key creditor, has announced that it does not back its restructuring plans.

Juozas Raišelis, majority shareholder and former director of Dvarčionių Keramika, told BNS on Tuesday that the news agency should contact the company itself for comment.

"The company will prepare a comment for you," he said.

Dvarčionių Keramika CEO Liudmila Suboč could not be contacted on Tuesday, but her secretary told BNS that the CEO would make no comment.

Raišelis purchased a majority stake in Dvarčionių Keramika from the Polish-owned Cersanit for 1 litas in 2009. He said then that the future of the company, which was operating at a loss, would depend not only on the market situation, but also on negotiations with Swedbank.

Swedbank said on Monday that it would not support Dvarčionių Keramika's plan to initiate restructuring proceedings, because the company has failed to repay a loan for more than two years now.

Analysts say that the trim tile maker needs to find extra working capital and a new investor. Otherwise, it faces the risk of bankruptcy or being taken over by Swedbank.

Dvarčionių Keramika, which owes 19 million litas (EUR 5.5m) to the bank, said on Friday that it would apply to a court for restructuring.

Misota, a Lithuanian company indirectly controlled by Raišelis, holds a 92.93-percent stake in Dvarčionių Keramika, which is quoted on Secondary List of the NASDAQ OMX Vilnius Stock Exchange.

BNS
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