Former Eversheds Saladzius Senior Associate Dainus Cicelis has joined Ellex Valiunas as Associate Partner.
In pursuit of solutions to the problem of unemployment and the flexibility of the labor market, Lithuania has endorsed a new Labor Code, which will come into force on July 1, 2017. The main objectives of the new legislation are to adapt the country’s laws to reflect progress in the market and to allow more liberal labor relations between employers and employees. The changes are intended to facilitate job creation, reduce the unemployment rate, ensure clarity in labor relations, and make the Lithuanian market more attractive to investors.
The Latvian and Lithuanian offices of Ellex have advised the Lithuanian investment company UAB Prosperus Strategic RE Fund on its acquisition of the 7250-square meter Mezciems shopping center in Riga and a 1,650 square-meter store in Vilnius. The Ecovis law firm advised the sellers on the Latvian sale.
Primus has represented and advised UAB Litagra, one of the largest agricultural companies in Lithuania, on its now-completed reorganization and division into two companies: UAB LP Grupe, which will take over the trade and elevator business, and UAB Litagra, which will operate the activities of feed production and agricultural business.
Sulija Partners Law Firm Vilnius has assisted AB AviaAM Leasing, a Warsaw Stock Exchange-listed global aviation holding company, with the sale of four Airbus A320 aircraft to a subsidiary of GTLK Europe, an Ireland-based international leasing company. Allen & Overy Moscow advised GTLK Europe on the deal.
Ellex, representing the Vilnius-based UAB Ozantis real estate developer, has helped facilitate a settlement agreement between some 32 entities and containing more than 16,880 signatures that, having been approved by the Vilnius City Council, brings an end to a 16-year dispute regarding investments in the 60-hectare territory of the Siemens Arena in Vilnius.