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Air Lituanica to seek bankruptcy

Xinhua, May 28, 2015 Adjust font size:

Air Lituanica, an airline which cancelled its flights one week ago, plans to file for bankruptcy, the company announced on Thursday.

Nerijus Jukna, new director of the company, has decided to address to the board of the carrier for approval to open bankruptcy proceedings.

"I hope this decision will be taken as soon as possible," Jukna was quoted in a statement released by the company.

Jukna, who is a lawyer with experience in bankruptcy cases, replaced former Air Lituanica director Gytis Gumuliauskas this Monday.

The carrier also said it is reorganizing its resources and planning to dismiss around one third of its staff, including a few executives. Air Lituanica has 49 employees in the meantime, website vz.lt reported, referring to the data from Lithuania's State Social Insurance Fund.

Lithuanian carrier Air Lituanica, established by the municipality of capital Vilnius, started its services in 2013. The airliner ceased flying Friday last week due to financial problems. According to BNS news agency, Air Lituanica last year suffered a loss of around 10 million euros (10.89 million U.S. dollars).

Air Lituanica flights scheduled up to June 5 have been transferred to the Latvian airline AirBaltic. Endit