FERN Group, UAB (the “Company”) hereby informs that its two subsidiaries – UAB FERN EPC and UAB MONTUOTOJAS (jointly, the “Subsidiaries”) – are to be deemed insolvent and the actions of initiation of their non-court bankruptcy processes are being commenced. For this reason, the following actions were performed on 10 October 2025:
- the Subsidiaries convened their general meetings of shareholders to discuss the restoration of their solvency;
- the Subsidiaries sent notifications to their creditors as required by the provisions of Article 8 of the Law of the Republic of Lithuania on Insolvency of Legal Persons about the initiation of insolvency processes, agreements on assistance and convocation of meetings of the Subsidiaries’ creditors.
The Company and its subsidiary entity UAB FERN Production continue activities, which shall be aimed to transform by restructuring and increase their efficiency. The Company’s subsidiary entity UAB Ardynas shall continue activities as usual.
The Company also informs that, in spite of the above-mentioned circumstances, the rights and interests of holders of the bonds issued by the Company (ISIN LT0000409633, hereinafter, the “Bonds”) are protected and they will recover the amounts they have invested and other amounts due to them as established in the Terms of the Bonds, which are an integral part of the information document of the Company, dated 28 August 2024 (Chapter 7; hereinafter, the “Terms of the Bonds”). It is important to note that the Bonds are secured with a guarantee from Closed-End Private Equity Investment Fund for Professional Investors INVL Baltic Sea Growth Fund (hereinafter, the “Fund”).
The Company notes that according to item 7.15(vii) of the Terms of the Bonds, the circumstances specified in this notice above about the Subsidiaries indicate an event of default on the obligations related to the Bonds. The Company will inform the bondholders’ trustee (UAB AUDIFINA) about that within 3 business days, so that it would convene the bondholders’ meeting which would demand the Company to immediately redeem the Bonds in accordance with item 7.15 of the Terms of the Bonds. Upon receipt of this demand, the Company will immediately redeem the Bonds as provided for in the Terms of the Bonds by the funds of the Fund as the guarantor.
Additional information can be obtained from the authorised person:
Chief Financial Officer
Ieva Poderienė