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Lithuania: bnt restructuring team is representing Lithuanian hotelier

bnt attorneys in CEE is supporting Lithuanian hotel managing company in the restructuring of a business partner.

The bnt insolvency and restructuring team led by cross-border insolvency specialist and bnt partner Frank Heemann is representing the Lithuanian operating company of a France-based giant and global leader in the augmented hospitality and hotel business field. 

The Lithuanian team of bnt attorneys in CEE has also been consulting the Polish service company of this French group from the very early stages of the intended restructuring of the Lithuanian business partner. Work includes legal, pragmatic and tactical advice relating to the long-standing contractual relationship between, among others, the Lithuanian group company and its group companies with a Lithuanian business partner and the franchisee of one of the client’s well-known brands. The franchisee had been facing financial distress already before the Coronavirus-crisis and had therefore commenced restructuring proceedings at the turn of the year 2019/2020. bnt attorneys in CEE lawyers are now also representing the Lithuanian hotel operating company of the French group in the restructuring proceedings of the Lithuanian business partner. 

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