AS VALMIERAS STIKLA ŠĶIEDRA closes the legal protection process

14. July, 2021

AS VALMIERAS STIKLA ŠĶIEDRA informs that on June 21, 2021 it has made in full all payments to the Legal Protection Process Plan (LPP) creditors provided for in the term of LPP.

On 25 July 2021, the LPP Supervisor issued its opinion on the early implementation of the TAP plan.

On June 28, AS VALMIERAS STIKLA ŠĶIEDRA submitted to the Vidzeme District Court an application for termination of the legal protection process of the joint stock company “VALMIERAS STIKLA ŠĶIEDRA”.

On July 13, the Vidzeme District Court decided to terminate the legal protection process.

The aim of proposing LPP in 2018 was to develop an appropriate action plan that will enable the company to pursue sustainable development in the interests of all parties involved. As all LPP rules were met, the company has completed this phase sooner than expected. The LPP was originally concluded for two years and the process was due to be completed in October 2021.

Chairman of the Board Stefan Jugel says:

Almost exactly 2 years after we decided to take the difficult step of LPP, we can now announce its termination. With the help of our new shareholders, our financing partners, and, above all, the excellent work of our employees, we managed to end the LPP two months before the end of the regular procedure and to present ourselves in a strong market position. We expect that this happy event will also have a positive impact on the relationship with our business partners and that we will be able to enjoy the benefits of a large and long-standing customer again. At the same time, the financing options with local banks should also improve for our employees.