Snaige - Notification on material event

AB SNAIGĖ decided to appeal against the decision of Kaunas Regional Court not to approve the restructuring plan

According to Mindaugas Sologubas, general director of AB SNAIGĖ, the company does not agree with the court's decision not to approve the restructuring plan, since such a decision does not protect the interests of either the company or the company’s non-mortgage creditors. It can only be favorable to one side – the mortgage creditor UAB Easy debt service, who, without risking anything, regardless of whether the company continues to operate or is closed.

"I cannot accept the fact that a viable company that pays taxes and salaries and counts insist years anniversary may be doomed to closure in the interests of the mortgage creditor. “- said M. Sologubas. – “-350 SNAIGĖ employees would remain without work.  Those companies that supply SNAIGE with goods and services would also could be closed or will experience difficulties.” 

The state would also suffer losses: instead of the 2 million EUR received annually from SNAIGĖ as a tax, it will have to pay social benefits to people who will become unemployed.

In 2022, the total salary fund of SNAIGĖ amounted to EUR 5,615,385.09, and the total amount of contributions charged to SODRA in 2022 amounted to EUR 1,393,718.33. The company has paid €723,656.88 in personal income tax alone in the year from 1 March 2022 to 28 March 2023.

According to M. Sologubas, the restructuring plan is an opportunity for the company to resolve its temporary financial difficulties, to optimize and restructure the company's activities in such a way that the company can meet its obligations to all creditors as soon as possible. "- In its order, the court did not express doubts about the validity of the restructuring plan, therefore, UAB Easy debt service’s assertions that the company's restructuring plan does not correspond to reality," - said M. Sologubas.  –“In this way, the mortgage creditor selfishly forms the opinion that AB SNAIGE will not be able to implement the restructuring plan.”

AB SNAIGĖ has every opportunity to operate and develop further. Even in difficult conditions, the company designed and introduced the market a new product: a double refrigerating unit-monobloc TWIN SGL017P2AAX1XSN - an efficient refrigerating unit for refrigerating storage facilities; 585 l capacity professional freezer CF70M; 350 l refrigerator-showcase CD35DM black color modification; 585 l capacity professional refrigerator with glass door CD70MF. Also, the AB SNAIGĖ supplemented its line of medical refrigerators with several important products: Company created a prototype of the MD40 refrigerator with metal doors, and prepared the MD35 refrigerator cabinet for further development. Not only the existing customers of the company were interested in these products, but also number of new ones.

AB SNAIGĖ is supported not only by the company's non-mortgage creditors, but also by customers. One of them is world-class manufacturer Whirlpool, who recently signed a factoring agreement with the company.

Managing Director
Mindaugas Sologubas
Phone +370 652 11997