Energy company 'Energyk LT' files for bankruptcy amid financial difficulties

The Klaipėda-based electrical systems installation company "Energyk LT" is facing bankruptcy, with court decisions indicating that restructuring will not resolve its financial woes. The Klaipėda Regional Court's decision, effective August 27th, terminated the company's restructuring process, which began last year, and initiated bankruptcy proceedings. This move was requested by the "Energyk LT" administrator. The court cited the company's deteriorating financial situation and increasing debts as reasons for its decision, stating there was no expectation of improvement in the near future. The ruling noted that "Energyk LT" is unable to meet its financial obligations on time and is insolvent. The bankruptcy filing aims to prevent further accumulation of debt to creditors. As of the end of February this year, "Energyk LT's" creditors' claims surpassed 570,000 euros. An administrator was appointed in December after a small company, "Etme," filed a lawsuit over an unpaid debt of nearly 15,000 euros. At that time, "Energyk LT" had agreed to restructuring, citing temporary financial difficulties that were not critical, and projected revenues exceeding 22 million euros between 2026 and 2029. However, "Energyk LT" failed to submit the required restructuring plan to the administrator by the summer deadline. The company, established in July 2022 by a single individual, had reportedly been profitable, with revenues over 3.6 million euros and nearly 90,000 euros in net profit in 2024. Data also indicated profitability for the first eleven months of 2025. Despite these reports, the number of employees at "Energyk LT" has significantly decreased. In August 2026, the company employed 18 people, with an average salary of 687 euros before taxes, a sharp drop from the previous year's average of around 2,500 euros and the 65 employees at the end of last year. The company also established a branch in the Netherlands this year.

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The court has grounds to conclude that the defendant ('Energyk LT') cannot fulfill its property obligations on time, is insolvent, and therefore, to avoid increasing its debts to creditors, bankruptcy proceedings are initiated against the defendant.