What’s happening at Lithuanian Shipping Company?

Following all of its five remaining vessels being detained in foreign ports, Lithuanian Shipping Company gave notice last week that is was to petition for bankruptcy. The company had run out of cash and, despite being its main share-holder, the government of Lithuania refused to provide support. That decision set alarm bells ringing for creditors of other state-owned enterprises in Lithuania, as well as those of shipping companies controlled by other governments in other European countries. The latest report indicates that the company has had a change of heart. We are acting for creditors of LSC vessels and wait to see if they will now be paid.