Valmieras stikla škiedra
AS VALMIERAS STIKLA ŠĶIEDRA files for court approval of legal protection proceedings plan and the respective process implementation
The Board of Directors of AS VALMIERAS STIKLA ŠĶIEDRA (registration No.: 40003031676, legal address: Cempu iela 13, Valmiera, LV-4201) (hereinafter referred to as the “Company") hereby announces that on September 19, 2019, the Company has filed an application with the Court for approval of the plan of measures of legal protection proceedings (hereinafter referred to as the “LPP”) and the implementation of the LPP.
The Company has received consent from 100% of secured creditors and 77.15% of unsecured creditors for the 24 month financial recovery plan developed by AS VALMIERAS STIKLA ŠĶIEDRA. The Company appreciates the support it has received so far and hereby expresses its gratitude to its various creditors and other stakeholders.
Vidzeme District Court has on September 19, 2019 adopted a decision approving Jānis Lagzdiņš, place of practice: PricewaterhouseCoopers Legal, Kr. Valdemāra street 21, Riga, as a Supervisor of Company’s legal protection process. The court’s decision is final.
As previously reported, on June 17 of this year, the Company filed an application for a LPP to secure the continued operation of the Company and VALMIERA GLASS GROUP. Please see the announcement here.
On June 18, 2019, the Vidzeme District Court adopted a decision to initiate the Company's LPP and set a deadline for the plan of measures for the LPP to be drawn up and agreed with the Company's creditors before August 19, 2019, while this deadline was extended by a court decision dated August 27 until September 19, 2019. Please see the announcement here, as well as here.
About VALMIERA GLASS GROUP:
VALMIERAS STIKLA ŠĶIEDRA, AS and its subsidiaries (hereinafter – VALMIERA GLASS GROUP or the GROUP) is one of the leading glass fibre manufacturers in Europe, with more than 55 years of experience in fiberglass production. VALMIERA GLASS GROUP's core business areas are glass fibre research, glass fibre product development, production and trade. VALMIERA GLASS GROUP is the only group in the world with a vertically integrated structure and a wide range of glass fibre products for the thermal insulation market with a temperature resistance up to 1250°C.
AS VALMIERAS STIKLA ŠĶIEDRA
Tel.: +371 64202216