Cobalt has successfully represented Lithuanian poultry farm Gireles Paukstynas before the Supreme Court of Lithuania in a dispute with insurer Lietuvos Draudimas regarding the insurer's refusal to recognize the state-mandated slaughter of sick birds as an insured event.

The EU Directives on Work-life balance and on Transparent and predictable working conditions were introduced into the Lithuanian national legislation in August 2022 with the remainder following on 01 January 2023 and brought about significant changes and obligations for the employers. What do they mean for businesses?

Lithuania hopes for the best and prepares for the worst by further tightening its banking and fintech regulations, following the latest decisions and position papers issued by the supervisory authority. Despite talks of a recession, the banking and finance market remains active, according to Cobalt Partner Akvile Bosaite.

Cobalt has advised Highland Europe on its investment in PVcase, together with Elephant and Energize. 

Tadas Varapnickas has joined Ellex as Associate Partner in the Dispute Resolution Practice in Lithuania.

Ellex has advised Payhawk Financial Services on obtaining an electronic money institution license from The Bank of Lithuania.

Motieka & Audzevicius has advised Gera Dovana on obtaining a limited network exclusion approval from the Bank of Lithuania under the narrowed scope of the PSD2 Revised Payment Services Directive.

Adon Legal has avised Alphaduct and Open Sky on their acquisition of electronic money institution UAB IBS Lithuania.

Ellex has advised telecommunications infrastructure company Baltic Rezo on a EUR 30 million loan from SEB Bank.

Walless has advised Siauliu Bankas on its EUR 50 million issuance of ten-year subordinated bonds in international financial markets.

Walless has advised Ignitis Renewables on the acquisition agreement for a wind farm in Kelme, Lithuania, with developer E Energija. Cobalt advised E Energija.

The due performance of obligations in Lithuania may be secured by various security instruments. Pledge, mortgage, and financial collaterals all create a right in rem for the creditor, i.e., such a security, upon due perfection, becomes enforceable against third parties and withstands bankruptcy, reorganization, and similar procedures of the security provider. Other types of collateral, such as default interest, surety, guarantee, deposits, and other instruments agreed by the parties terminate immediately upon bankruptcy, reorganization, or similar procedures of the security provider.

Cobalt has advised AS Toode majority shareholder Amber Trust II SCA on the sale of its shares to Kingspan Group company Joris Ide NV.

Motieka & Audzevicius, working with Faegre Drinker Biddle & Reath, has advised the shareholders of Anderson Optimization on the sale of the company to PVcase. Sorainen and Gunderson Dettmer reportedly advised PVcase.

Ausra Surviliene has joined Ellex Valiunas to develop the Wealth Management & Private Clients practice as Head of the firm's Family Office.

Motieka & Audzevicius has advised BaltCap Growth Fund and IAM PetCare Growth Fund joint venture Vet Ventures Europe on its strategic investment into UAB Jakovo Veterinarijos Centras. Leximum reportedly advised the sellers.

Dentons has advised the Republic of Lithuania on the issuance of EUR 1.25 billion 3.875% Notes due 2033, pursuant to the Republic of Lithuania's Euro Medium Term Note Program. Reportedly, TGS Baltic advised the Republic of Lithuania as well while Freshfields Bruckhaus Deringer and Sorainen advised the underwriters.

Dentons has advised Lithuanian-headquartered energy company Ignitis Grupe on financing from MUFG Bank. Reportedly, TGS Baltic advised Ignitis Grupe as well.