On February 26, 2023, Auga Group, a leading agricultural company in Lithuania, announced the signing of a purchase agreement to sell its mushroom business Baltic Champs for a total of 8.64 million euros. This deal includes a payment of 5.5 million euros on the closing day and an additional 2.96 million euros in debt owed by Baltic Champs, which will be settled by the buyer within five business days. This transaction marks a significant step in Auga Group's broader restructuring efforts, which are mandated by a court-approved plan to streamline its operations.

The sale of Baltic Champs is the first of four major actions outlined in Auga Group's restructuring plan. Kęstutis Juščius, the chairman of Auga Group's board, emphasized that the successful completion of this sale was achieved ahead of the initially scheduled timeline. This outcome was facilitated by the buyer's motivation, the favorable attitude of regulatory bodies, and the goodwill of creditors involved. The strategic decision to divest this business is aimed at revitalizing Auga Group’s financial health and operational focus.

Furthermore, while the sale represents a positive development, the company faces challenges in renewing relationships and improving its export capabilities, particularly with China. Juščius pointed out that the company may need to make concessions in order to enhance its standing in the Chinese market. Ultimately, this restructuring initiative reflects Auga Group's commitment to emerging stronger and more competitive in the agriculture sector amidst ongoing economic challenges.