Thu, 28 Oct 1999: Lietuvos Kuras to be privatized for a song…



Lietuvos Kuras, which has over 120 filling stations in Lithuania, has been swimming in debt. A spokesperson at the country's State Property Fund confirmed that Lietuvos Kuras' liabilities came to more than 150 million litas by July 1, and it continues to grow. The cash-strapped state has since taken on 18.8 million litas itself to ease the company's situation.Considering the debts, dumping the ailing company off on the Netherlands' Koepke International Holdings and D.C. Berkel for one litas did not seem like such a bad deal after all. The Dutch investors have also reportedly agreed to throw 10 million litas into Lietuvos Kuras' working capital and take care of some of the debts."The contract is expected to be signed in the last week of Octo... Read the rest of this entry »

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