On 6 April 2009 AB „Snaigė“ did not fully redeem the bond issue with maturity of 367 days, which was issued in year 2008. Due to high losses incurred during 2008 the company didn‘t manage to generate enough cash needed for redemption of the bonds and due to unfavorable conditions in country‘s credit market required funds were not possible to borrow from banks. Almost all of the owners of the bonds issued in 2008 agreed to refinance possessed securities by acquiring newly issued AB „Snaigė“ convertible bonds with maturity of 367 days and annual interest rate of 18%. For such investors instead of cash, payable on the redemption day, newly issued bonds with corresponding acquisition value were granted. Major shareholders of AB “Snaigė”, who were also the holders of largest part of bond issue of year 2008, decided to refinance all securities. In total bond holders have refinanced 85% of year 2008 bonds issue. The company will start negotiation with the owners of bonds which were not redeemed regarding settlement of new redemption term. Managing Director Gediminas Ceika +370 315 56206