ANNOUNCED AS TEMPORARYNo
Bailout (capital injection or equity participation)
On 17 February 2011, the European Commission approved the Lithuanian restructuring scheme for small- and medium-sized enterprises (henceforth: SMEs). The programme will provide SMEs with restructuring aid through a debt write-off owed to the State Social Insurance Fund Board, State Tax Inspectorate, State Social Insurance Fund Board under the Social Security and the Ministry of Labour, the Customs Department and other state institutions (par. 2, letter from the EC to Lithuania, 17.02.2011).
The aid will be granted to SMEs in difficulty with less than 250 employees and an annual turnover of less than 50 million EUR or annual balance sheet below 43 million EUR. To be classified as a firm in difficulty, the company must have lost at least half its limited or unlimited liability with at least of that in the last 12 months or it must have been declared insolvent.
Furthermore, this scheme will not be open to start ups, companies belonging to larger groups as well as the coal and steel sector. The beneficiaries of the aid must also contribute at least 25% of the aid in the case of small enterprises and 40% in the case of medium-sized ones.
The planned budget for the period from 1 July 2011 to 1 July 2013 is about 74 million EUR, while the maximum aid per company being 10 million EUR.
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