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Lithuania’s tile maker Dvarčionių Keramika in desperate need of extra cash

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BFL/Sauliaus Žiūros nuotr. / Pinigai
Šaltinis: BNS
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Lithuania’s Dvarčionių Keramika needs to find extra working capital and a new investor, otherwise the largest manufacturer of ceramic tiles in the Baltic countries is facing bankruptcy, since Swedbank, its key creditor, objects to the company’s restructuring.

Dvarčionių Keramika first needed to find working capital in order to survive, Tadas Povilauskas of investment bank Finasta, told BNS.

“The option B is for the shareholders to look for a new investor, actually, to look for new funds, perhaps for a new shareholder, which would be stronger, in other words, to try solving this problem at the shareholders’ level in the first place,” the analyst said.

Dvarčionių Keramika could exist as a company but it would find it difficult to find the required funds, he added.

Vytautas Plunksnis, the chairman of the Lithuanian Investors’ Association, agreed that Swedbank’s refusal to give the go-ahead for the restructuring of Dvarčionių Keramika undermined the company’s outlook.

“Another option is the bankruptcy or takeover of shares,” he told BNS.

Probability that the bank would take over the company’s shares was lower in this case since this would require the bank and the shareholders to cooperate, which could not be expected from the current state of affairs, Plunksnis added.

Kęstutis Vanagas, director of Swedbank’s Corporate Affairs Department, told BNS on Monday that the bank would not support Dvarčionių Keramika’s plans to file for restructuring proceedings since the company was more than two years late to pay back the loan to the bank. The losses sustained by the company each year raised doubts about the outlook of its activities, he added.

Last Friday, Dvarčionių Keramika said that it planned to file for restructuring proceedings.

According to Finasta’s analysts, the accounts payable by Dvarčionių Keramika to Swedbank, including the loan, interest and default interest, total 19 million litas (EUR 5.5m), which accounts for 67 percent of the company’s total debts.

Misota, a Lithuanian company indirectly controlled by Juozas Raišelis, a former director of Dvarčionių Keramika, holds a 92.93-percent stake in the ceramic tiles manufacturer.

BNS
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