Vilnius, Lithuania, 2013-07-30 15:45 CEST (GLOBE NEWSWIRE) --
The Board and Management of Dvarcioniu keramika AB are concerned about public statements made by Swedbank on vz.lt portal regarding the Company's plans.
“Dvarcioniu keramika AB is a listed company; therefore public advance comment by one of its creditors about his plans not to support the upcoming restructuring of the Company may inevitably impact the value of the company's stock. The Company's Management consulted the lawyers for legal conclusion which actions should be taken in case one creditor publicly misleads the market about the amount of the claim he holds (significantly increasing it) and gives his advance opinion about disapproval of the Company's restructuring. It should be noted that Swedbank stating its intention to disapprove the Company's plans to apply to court for initiating a restructuring case misinforms society, since no credits' consent is needed for initiating a restructuring case. According to the Companies Restructuring Law, creditors must approve or disapprove restructuring plan, which serves as the basis for successful restructuring. Restructuring plan will be submitted to creditors for approval once it is completely finished, provided the court initiates a restructuring case. Thus, it looks that Swedbank's acts should be regarded as a potential attempt to destroy a Lithuanian company that has been in business for 125 years and to take over its mortgaged property, the company has been successfully opposing these Swedbank's attempts in court for over two years by now", commented Managing Director and Board member of Dvarcioniu keramika AB Liudmila Subo?.
General Director Liudmila Subo?
tel. +370~5-231 70 21
Liudmila Subo? 8~5~2317021 l.suboc@keramika.lt
