Avion Express successfully completes restructuring process | Business

UAB Avion Express fulfilled its obligations to creditors almost two years earlier than planned and became the first airline in Lithuania to successfully complete the restructuring process. During his time, the company not only ensured the continuity of its activities, but also successfully grew.

“Passenger flow restrictions during the COVID pandemic led to the disruption of the entire aviation business, therefore, in order to harmonize the interests of creditors and ensure business continuity, we started the financial restructuring of the company. In recent years, we have consistently fulfilled our obligations to creditors and partners, and at the same time we have successfully grown our activities, which also led to the fact that we completed the restructuring process earlier than planned,” says the company’s CEO Darius Kajokas.

D. Kajokas notes that the successful restructuring process and growth during it was determined by the rapidly recovering market and the flexibility of the Avion Express business model:

“Passenger flows recovered very quickly after the pandemic, and airlines needed time to rebuild their capacities, so the need for ACMI’s service, where you can rent an aircraft with crew, maintenance and insurance, has been especially important in recent years. We were flexible, fast and were able to offer other airlines the fastest way to provide their services to passengers all over the world again”, comments D. Kajokas on the growth during the restructuring.

“We want to emphasize the fact that during the Company’s restructuring process, the scope of the agreements included settlements with creditors, all contributions to the state and social insurance budgets were paid. The effective and professional contribution of the restructuring administrator UAB “Restrus” team to the process contributed to this, both in administering the process itself and in proposing an action plan for the successful completion of the restructuring process.

Unfortunately, historically, most restructurings in Lithuania fail, so this successful case is all the more significant, especially considering the fact that currently more than 400 employees work in the administration of Avion Express companies. We consider this a great contribution to the growth of the Lithuanian economy” – added the Chairman of the Board of Avion Express, lawyer Vladas Bagavičius.