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The bankrupt logistics and cargo transportation company “Baltic Line” lays off all employees.
The bankrupt logistics and cargo transportation company “Baltic Line” lays off all employees.
On April 12, the company informed the Employment Service that it was laying off 51 people.
At the end of March, the head of the company and the largest shareholder, Nikolajus Makmakas, applied to the Vilnius District Court with a request to initiate a bankruptcy case. In the application, N. Makmak stated that the company faced financial difficulties and became insolvent, therefore it cannot fulfill its obligations to creditors.
The court granted the request in early April. According to the court ruling, the company’s inability to fulfill its obligations is not temporary, so it is grounds for declaring bankruptcy.
The document states that in 2024 January 30 according to the data, the value of the company’s assets reached 5.81 million. EUR, and financial obligations – 5.95 million. euros.
The company’s debt to “Sodra” on April 23 amounted to about 71.2 thousand. euros.
According to the data submitted to the Center of Registers, in 2022 the company’s income amounted to 8.4 million EUR, and the net profit – 77.2 thousand. euros.
In the same year, an independent auditor who performed an inspection of the company assessed that the company’s position was in danger due to rising wages, rising costs of fuel and equipment and its repairs. Also, the volume of transportation in the European market decreased.
The company “Baltic Line” was registered in 2006.
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