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Lithuanian Shipping Company thrown last minute life-line

Lithuanian Shipping Company thrown last minute life-line
Partially state-owned Lithuanian Shipping Company (LSC) has been thrown a last minute life-line and bankruptcy application withdrawn.

On Friday The Ministry of Transport and Communications of Lithuania applied to the courts for bankruptcy for LSC, apparently saying it was unable to support the shipping company’s operations due to EU Regulations. However, just a few hours later the Ministry withdrew the bankruptcy application and AB SEB Bank would give LSC credit of EUR3m.

The company’s website lists it has having a fleet of four general cargo/bulk carrier vessels. lists it as owning one, 20-year old, 24,200 dwt handysize bulker, Venta, worth $3.34m.

Roger Symes from Marine Debt Management told Seatrade Maritime News,  "Unfortunately, it’s been in trouble for some time and been getting by through selling ships to provide cash flow. We’ve had suppliers contact us from time-to-time with small unpaid debts. The company always paid up when chased by us. However, it stopped responding to us early last month."