VILNIUS — The Dutch-Lithuanian Middle Europe Investments Baltija real estate development company has filed for bankruptcy.
Exactly what the privately-held company’s financial difficulties are remains unclear. The bankruptcy leaves a large-scale Vilnius residential development project called Evita incomplete, although the company’s general director Mindaugas Plisas assured the business newspaper Verslo Žinios that Evita’s funding would not be affected by the proceedings.
“As a result of the economic downturn … MEI Baltija was unable to meet its financial obligations,” Plisas said.
The company’s largest project was the Grand Duke Palace commercial center on Gedimino Prospect in downtown Vilnius, which was completed in 2005. MEI Baltija was planning a 500 million litai (€144 million) shopping center on Konstitucijos Prospect in Vilnius’ financial district, but the project is being canceled in light of the bankruptcy.
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