{"id":82151,"date":"2024-07-05T06:09:05","date_gmt":"2024-07-05T06:09:05","guid":{"rendered":"https:\/\/pakistaninewspaperlist.com\/news\/management-comment-on-the-initiation-of-restructuring\/"},"modified":"2024-07-05T06:09:05","modified_gmt":"2024-07-05T06:09:05","slug":"management-comment-on-the-initiation-of-restructuring","status":"publish","type":"post","link":"https:\/\/pakistaninewspaperlist.com\/news\/management-comment-on-the-initiation-of-restructuring\/","title":{"rendered":"Management Comment on the Initiation of Restructuring"},"content":{"rendered":"
\n

The Board of Utenos Trikota\u017eas Proposes to Shareholders to Approve the Restructuring of the Company<\/strong><\/p>\n

The Management Board of Utenos Trikota\u017eas (hereinafter – the Company) has decided to submit a proposal to the shareholders to initiate restructuring of the Company. The restructuring would be intended to ensure the company’s solvency and long-term business potential.<\/p>\n

Global Shocks Affected Demand<\/strong><\/p>\n

“Pandemic, war, energy and other price shocks, and weakened demand have negatively impacted the textile sector globally over the past few years. Particularly in Europe, where producers are under further pressure from cheap labor countries in Asia. Utenos Trikota\u017eas is no exception. A significant drop in demand and a lack of decisive action would only further weaken the Company’s financial situation. To prevent this, the Company’s board proposes to initiate the restructuring of the Company. This would give the Company the necessary time to regroup and restructure its business model to ensure its continued solvency and the fulfillment of long-term commitments,” says Dovil\u0117 Tamo\u0161evi\u010dien\u0117, Chair of the Board of Utenos Trikota\u017eas.<\/p>\n

According to her, in recent years, Utenos Trikota\u017eas has made significant efforts to improve efficiency, optimize processes, and reduce fixed costs. In parallel, the Company intensified its efforts to develop new markets and acquire new customers. Nevertheless, the overall demand decline caused by external factors is particularly significant. In the first quarter of 2024, Utenos Trikota\u017eas sales dropped by 48.6% compared to the same period last year, to Eur 3.1 million. In the first 3 months of 2024, the Utenos Trikota\u017eas group of companies incurred losses of Eur 1.48 million before taxes.<\/p>\n

Priority for commercially viable activities<\/strong><\/p>\n

According to D. Tamo\u0161evi\u010dien\u0117, the Company is currently finalizing the restructuring plan, which will outline measures on how the company will be restructured to achieve the main goal \u2013 ensuring long-term solvency and operational continuity.<\/p>\n

“The main direction of the plan is to continue improving efficiency by reducing costs and eliminating unprofitable activities while maintaining as much prospective activity volume as possible. This is the focus of the restructuring plan, which will be submitted for approval to the shareholders and creditors,” says D. Tamo\u0161evi\u010dien\u0117.<\/p>\n

To ensure operational continuity, SBA Group, the main shareholder of Utenos Trikota\u017eas, made a financial injection to the Company earlier this year, providing a liquidity loan of EUR 1 million, which is being used to pay salaries to the company’s employees, meet obligations to creditors, and make other payments necessary for operational activities. According to Ms. Tamo\u0161evi\u010dien\u0117, the Company will continue to maximize its commitments to employees, customers, and partners before and during the restructuring.<\/p>\n

For additional information, contact:<\/strong><\/p>\n

AB Utenos Trikota\u017eas representative Egl\u0117 Rakauskait\u0117,
egle.rakauskaite@ut.lt, tel. +370 619 66107<\/p>\n

\u00a0<\/p>\n

\n <\/div>\n","protected":false},"excerpt":{"rendered":"

The Board of Utenos Trikota\u017eas Proposes to Shareholders to Approve the Restructuring of the Company The Management Board of Utenos Trikota\u017eas (hereinafter – the Company) has decided to submit a proposal to the shareholders to initiate restructuring of the Company. The restructuring would be intended to ensure the company’s solvency and long-term business potential. Global […]<\/p>\n","protected":false},"author":2,"featured_media":82152,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"om_disable_all_campaigns":false,"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"site-sidebar-layout":"default","site-content-layout":"","ast-site-content-layout":"default","site-content-style":"default","site-sidebar-style":"default","ast-global-header-display":"","ast-banner-title-visibility":"","ast-main-header-display":"","ast-hfb-above-header-display":"","ast-hfb-below-header-display":"","ast-hfb-mobile-header-display":"","site-post-title":"","ast-breadcrumbs-content":"","ast-featured-img":"","footer-sml-layout":"","ast-disable-related-posts":"","theme-transparent-header-meta":"","adv-header-id-meta":"","stick-header-meta":"","header-above-stick-meta":"","header-main-stick-meta":"","header-below-stick-meta":"","astra-migrate-meta-layouts":"default","ast-page-background-enabled":"default","ast-page-background-meta":{"desktop":{"background-color":"var(--ast-global-color-4)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"tablet":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"mobile":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""}},"ast-content-background-meta":{"desktop":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"tablet":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"mobile":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""}},"fifu_image_url":"https:\/\/ml-eu.globenewswire.com\/Resource\/Download\/88162d8f-c87b-4ce6-bcfa-dc3f78673946","fifu_image_alt":"","footnotes":""},"categories":[208],"tags":[],"class_list":["post-82151","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-globenewswire"],"acf":[],"aioseo_notices":[],"_links":{"self":[{"href":"https:\/\/pakistaninewspaperlist.com\/news\/wp-json\/wp\/v2\/posts\/82151","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/pakistaninewspaperlist.com\/news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/pakistaninewspaperlist.com\/news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/pakistaninewspaperlist.com\/news\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/pakistaninewspaperlist.com\/news\/wp-json\/wp\/v2\/comments?post=82151"}],"version-history":[{"count":0,"href":"https:\/\/pakistaninewspaperlist.com\/news\/wp-json\/wp\/v2\/posts\/82151\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/pakistaninewspaperlist.com\/news\/wp-json\/wp\/v2\/media\/82152"}],"wp:attachment":[{"href":"https:\/\/pakistaninewspaperlist.com\/news\/wp-json\/wp\/v2\/media?parent=82151"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/pakistaninewspaperlist.com\/news\/wp-json\/wp\/v2\/categories?post=82151"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/pakistaninewspaperlist.com\/news\/wp-json\/wp\/v2\/tags?post=82151"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}