Regarding the Extension of the Deadline for Submission of Restructuring Plan and Revocation of the Extraordinary General Meeting of Shareholders of AUGA group, RAB convened on 14 July 2025
At the initiative and by the decision of the Board of AUGA group, RAB (code 126264360, address Konstitucijos ave. 21C, Vilnius, the “Company”), it has been decided to revoke the extraordinary General Meeting of Shareholders convened on July 14, 2025, following the decision of the Vilnius Regional Court to extend the deadline for submitting the Company's restructuring plan for Court approval until August 19, 2025. This Court decision was based on unresolved issues regarding the contested creditor claims in the Company's restructuring case, which currently prevent the creditors from making decisions in accordance with the Law on Legal Entities' Insolvency (hereinafter referred to as the "Insolvency Law").
As previously announced, the Court ruling of April 22, 2025, which confirmed part of the creditors' claims, took effect on 2 May 2025 in the Company's restructuring proceedings. The contested creditor claims were divided into 22 separate cases. The cases are currently at different stages of examination, and as of 2 July, the portion of court-approved creditor claims amounts to EUR 41.2 million, while the portion of claims still under judicial review amounts to EUR 48.7 million value of creditor claims. Taking this into account, there is currently no creditor majority required by the Insolvency Law to adopt decisions at the creditors' meeting. For these reasons, the Vilnius Regional Court has issued an unappealable decision to extend the deadline for submitting the Company's restructuring plan for court approval until 19 August 2025 and the insolvency administrator in the Company's restructuring proceedings postponed the date of the creditors' meeting scheduled for 10th July 2025 to 4th August 2025.
Given the legal deadlines and scheduled hearings in the individual cases, the Company anticipates the majority of the contested claims to be settled in the coming weeks, paving the way for the approval of the Company's restructuring plan by both shareholders and creditors before the stipulated Court-imposed deadline. Once the issues preventing creditors from making decisions in accordance with the Insolvency Law have been resolved, the Company will convene a General Meeting of shareholders and inform them and other relevant parties, in accordance with the Company's articles of association and relevant laws.
Contacts:
AUGA group, RAB CEO
Elina Chodzkaitė-Barauskienė
