Chairman Change at Utenos Trikotažas

vember 7th, 2024

The Board of Utenos Trikotažas AB has appointed Vytautas Vaškys, a current board member, as the new Chairman. He succeeds Dovile Tamoševiciene, who led the board for over three years and will now focus on new expansion projects within SBA Group, including strategic projects in the United States, while continuing to lead SBA Group's Business Control Division.

Vaškys, stepping into the role of Chairman, has been a board member of Utenos Trikotažas for nearly two years. In 2022, he temporarily served as the company's CEO. Before that, he held board positions within Utenos Trikotažas and other SBA Group companies. Currently, he also heads SBA Group’s Business Risk Division.

"The immediate priority is to implement the restructuring plan approved by the court in early October, which has already received the endorsement of the company’s shareholders and creditors. Significant preparatory work has already begun, and the coming months will be particularly intensive as the company progresses through reorganization," stated Vaškys.

On October 8 of this year, the court approved the restructuring of Utenos Trikotažas. The four-year restructuring plan aims to restructure the company to ensure its solvency and meet its obligations. As part of this plan, the company will work to significantly enhance operational efficiency and consider the sale of some real estate, equipment, and shares in owned companies.

To support business continuity during this challenging financial period, the main shareholder of Utenos Trikotažas, SBA Group, provided a financial injection in the form of a €1.7 million liquidity loan this year. This loan is directed towards employee salaries, creditor obligations, and other essential payments required for daily operations.