TGS Baltic successfully represented Ūkio Bankas in a dispute against Boslita

05 / 16

TGS Baltic successfully represented bankrupt Ūkio Bankas in a dispute against Boslita and Co, a sparkling wine and wine beverages producer, on the EUR 14.6 m loan recovery.

The Lithuanian Supreme Court in its final ruling decided that Boslita will have to repay the bank a EUR 14.6 million loan, and upheld the judgment passed by the Court of Appeal of Lithuania in 2015.

The dispute arose when Boslita on-lent the EUR 14.6 million loan received from Ūkio Bankas to UAB Baltijos Stiklas, the latter transferred the money to Alumina D.O.O. Zvornik, a Bosnia and Herzegovina aluminium company.

Since 2013, TGS Baltic has been advising Ūkio Bankas on all legal issues related to the bankruptcy and a wide range of banking and M&A cross-border assignments. Ūkio Bankas, one of the major Lithuanian banks, had its activities suspended and was put under administration due to liquidity problems in February 2013.

TGS Baltic advised insolvency administrator UAB Valnetas on Ūkio Bankas’ bankruptcy matters. Lina Darulienė, Partner represented the client’s interests.