Klaipeda County Court has decided to declare the PC Lithuanian Shipping Company bankrupt and began the process of liquidation, the company said in a notice to creditors dated May 30.

As disclosed, the bankruptcy administrator is convening the meeting of the creditors of the insolvent company on 10 June 2016, the agenda being the sale process of the movable assets of the company, among other things.

The creditors are to consider the sale of MV Raguva and MV Venta, along with payment of the maintenance costs of MV Venta.

In addition, the creditors will also discuss contracts the company concluded before the initiation of the bankruptcy proceedings, as well as settlement with the creditors whose claims are secured by maritime liens, staff issues and settlement agreement with UAB Laivu technika.

The liquidation follows auctioning of the company’s bulkers, with two out of four of them sold by the company’s bankruptcy administrator in the second round of auctions to undisclosed buyers.

Namely, the 17,800 dwt vessels Romuva and Voruta were sold for EUR 2.17 million and EUR 2.25 million, respectively.

The vessels’ initial price was set at EUR 1.72 million each.

Other bulkers still up for sale are the 24,000 dwt Venta for EUR 1.9 million and the 16,900 dwt Raguva for EUR 1.6 million.

LSC’s bankruptcy administrator has put up the company’s bulker fleet on auction as part of LSC’s bankruptcy procedure.

The move, which is related to a total of five vessels, follows a ruling from Klaipeda Regional Court.

LSC has been on a losing streak since 2008 as its last reported accumulated loss increased to EUR 20 million.