Lithuania: bnt restructuring team advising German car parts distributor

bnt attorneys in CEE is successfully supporting German PREXAparts in the restructuring of Lithuanian business partner Tanagra UAB.

The bnt insolvency and restructuring team led by cross-border insolvency specialist and bnt partner Frank Heemann has been advising German company PREXAparts, a premium distributor of car parts.

The Lithuanian team of bnt attorneys in CEE has been consulting this client from the very early stages of the restructuring of its Lithuanian business partner Tanagra UAB, a leading Lithuanian distributor of car parts.

Work includes legal, pragmatic and tactical advice relating to securing the client’s goods stored in consignment stock in Lithuania operated by Tanagra. The team of bnt insolvency and restructuring experts secured the return of a significant part of the goods in the consignment stock.

Further work relates to representing the interest of the client in the restructuring proceedings of its business partner, including representation at creditor meetings, restructuring plan assessment and approval, as well as recognizing the financial claim of PREXAparts in the restructuring proceedings.

The procedure is novel and challenging because it was initiated before the entry into force on 1.1.2020 of the new Lithuanian law on Corporate Insolvencies.

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