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Lithuania: bnt insolvency team advising leader in specialty chemicals

bnt attorneys in CEE is supporting this France-based company in restructuring proceedings of its Lithuanian business partner.

The bnt insolvency and restructuring team led by cross-border insolvency specialist and bnt partner Frank Heemann has been advising and representing this France-based company, a global leader in specialty chemicals for the mining, fertilizer, phosphate, industrial ammonium nitrate, asphalt, and oil & gas industries worldwide.

The Lithuanian team of bnt attorneys in CEE has been advising and representing this client from the very early stages of the intended restructuring of its Lithuanian business partner. Work includes legal, pragmatic and tactical advice relating to the long standing contractual relationship between the French client and its Lithuanian business partner and manufacturer, which is currently experiencing financial distress and so has commenced restructuring proceedings.

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