|Emitents||Rīgas kuģu būvētava, AS (48510000DWP0BMQCTM64)|
|Veids||2.2. Iekšējā informācija|
As it was notified already before, on August 16th, 2019 Riga City Vidzeme Urban Court resolved (a) to satisfy the application of legal protection proceedings of AS „Rīgas kuģu būvētava” (Company); (b) to implement the legal protection proceedings (Proceedings) of the Company; (c) to approve the plan of measures of the legal protection proceedings (Plan) of the Company; and (d) to set the period of 2 (two) years for implementation of the legal protection proceedings of the Company, effective from August 16th, 2019.
According to the judgement of Riga City Vidzeme District Court of May 15th, 2020 in civil case No.C30516819, amendments to the Plan were approved (the version of April 06th, 2020), hereinafter referred to as the Amendments, by setting the term of the implementation of the Proceedings to 4 (four) years by accounting of the term as from August 16th, 2019.
The Company thanks the majority of creditors for the understanding of the financial position of the Company in 2019 and 2020 and for the provided support by approving implementation of the Plan and the Amendments.
Since the beginning of implementation of the Proceedings in August 2019 until the spring of 2020 when for the first time, due to circumstances beyond the control of the Company its economic operation was directly, substantially and unfavourably affected by the restrictions introduced for restricting Covid–19 disease caused by the corona virus in Latvia and elsewhere in the world, and also since approval of the Amendments in May 2020 until the autumn of 2020 when for the second time the economic operation of the Company was directly, substantially and unfavourably affected by the repeatedly announced emergency situation in Latvia and restrictions introduced for restricting Covid–19 disease caused by the corona virus in Latvia and elsewhere in the world, the Company was successfully implementing the Plan and the Amendments, by performing its core operations and implementing the measures provided for by the Plan and the Amendments, in the result of which the Company has been able to cover 50% (fifty per cent) or EUR 6,859,749.25 of the amount of the creditors’ claims to be covered within the scope of the Proceedings.
However, irrespective of the above, in the result of the global consequences caused by Covid–19 pandemic, the Company has not been able to restore its economic operation to the scope provided by the Plan and the Amendments and it has not been able to implement the sale of the floating docks, which was among the major measures provided by the Plan and the Amendments.
Under the present circumstances, further implementation of the Proceedings in compliance with the Plan and the Amendments is not possible, therefore the Company has repeatedly developed amendments to the Plan by providing for the following changes:
In compliance with the provisions of the Insolvency Law on December 23rd, 2020 the Company has sent the amendments to the plan of measures of the legal protection proceedings developed by it to Company’s creditors for the provision of written consent.
The Company is thankful to its creditors for the understanding and support during the implementation of the plan of measures of the legal protection proceedings.
More extensive information on the implementation of the legal protection proceedings will be provided in the offing.
The Board of Directors of AS „Rīgas kuģu būvētava”