Published: 2020-04-03 16:39:14 CEST
Valmieras stikla škiedra
Inside information

AS VALMIERAS STIKLA ŠĶIEDRA amendments to the legal protection process plan

AS VALMIERAS STIKLA ŠĶIEDRA (Registration No.: 40003031676, legal address: Cempu iela 13, Valmiera, LV-4201) (hereinafter – the Company) would like to announce that due to several influencing circumstances the amendments to the plan of the legal protection process (hereinafter – the Plan) have been made. The amendments are introduced with an aim to ensure the sustainable economic activities of the Company and to promote a stable cash flow, which is a precondition to enable the Company to settle accounts in full with all the creditors of the Plan.

The Company indicates the most significant amendments included in the Plan:

  1. The principal payments for secured creditors of the fourth and fifth month are postponed until October 31, 2021. Within the term of implementation of the Plan the Company continues to pay compensation for the restriction of secured creditors’ rights during the LPP, as well as commission payments for the use of valid guarantees.
  2. By November 31, 2020, the Company will attract financing of up to EUR 10,000,000 to ensure the sustainable economic activities of the Company including the funding for CAPEX.
  3. Renewed forecast of the revenues from the Company’s economic activities for the entire Plan period – 174,188,286.00 EUR.
  4. Renewed total expenses planned during the entire Plan period – 168,745,021.87 EUR.
  5. The Company undertakes to continue to facilitate the sale of the assets of US Subsidiary and to ensure that latest until December 31, 2020 not less than USD 17,500,000 or with written secured creditors' approval smaller amount of the sale of the assets of US Subsidiary will be used for the payment of the secured creditors' claims.

The methods and payment schedule stipulated in the Plan with regard to unsecured creditors will remain unchanged.

On April 3, 2020, the Company distributes the amendments to the Plan to the creditors of the Plan and request consent by April 24, 2020.

On March 31, 2020, the Company already announced the planned amendments to the Plan and the circumstances justifying their implementation. The announcement is available HERE.

AS VALMIERAS STIKLA ŠĶIEDRA amendments to the Plan will be published after the Court’s decision.

Additional information:
AS VALMIERAS STIKLA ŠĶIEDRA
Tel.: +371 6420 2216
E-mail: latvia@valmiera-glass.com
www.valmiera-glass.com