"Auga Group's restructuring plan deadline extended to 19 July

The Lithuanian Court of Appeals has extended until 19 July the deadline by which „Auga Group“, one of the largest organic food producers in the Baltic States, which is experiencing financial difficulties, has to submit a restructuring plan.

The restructuring company sought the extension because it did not have an objective opportunity to prepare a final plan by the previously scheduled date of 19 May, the company said on Thursday via the Vilnius Stock Exchange.

„The Lithuanian Court of Appeals, in an unappealable ruling, has extended the deadline to submit the company's restructuring plan to the court for approval to 19 July 2025,“ the company said.

According to the company, the restructuring plan and the economic, technical, organisational and other measures envisaged in the plan to overcome financial difficulties will be submitted to creditors, shareholders and other interested parties.

The restructuring case was opened by the court on 6 January, with „Valnetas“ appointed as administrator.

Kęstutis Juščius, Chairman of the Group's Board of Directors, said that the restructuring was initiated after experiencing financial challenges caused by inflation and rising production costs, as well as the volatile prices of organic raw materials.

BNS previously wrote that „Auga Group“ has total creditor claims of EUR 94 million. The disputed claims of €53 million mainly relate to the company's obligations, such as sureties and guarantees for other companies in the group, which are also being restructured.