9 5 , ▁it ▁was ▁re organ ized ▁from ▁a ▁state - owned ▁company ▁into ▁a ▁J oint ▁Stock ▁Company . ▁In ▁August ▁ 1 9 9 7 , ▁the ▁shares ▁of ▁Air ▁Lith u ania ▁were ▁transferred ▁to ▁the ▁parent ▁company ▁Lith uan ian ▁Airlines . ▁ ▁In ▁May ▁ 2 0 0 4 , ▁Air ▁Lith u ania ▁was ▁bought ▁by ▁A rij us , ▁a ▁Lith uan ian ▁transport ▁and ▁log istics ▁company , ▁and ▁subsequently ▁sold ▁to ▁World ▁A viation ▁Capital , ▁a ▁British ▁company . ▁At ▁the ▁time ▁of ▁the ▁sale ▁the ▁company ▁had ▁deb ts ▁of ▁approximately ▁ 2 0 ▁million ▁lit as , ▁while ▁its ▁annual ▁gross ▁income ▁reached ▁ 4 0 ▁million ▁in ▁ 2 0 0 4 . ▁The ▁air line ▁file d ▁for ▁bank rupt cy ▁in ▁November ▁ 2 0 0 5 . ▁It ▁was ▁the ▁first ▁air line ▁bank rupt cy ▁in ▁Lith u ania . ▁ ▁In ▁ 2 0 0 4 ▁the ▁air line ▁carried ▁ 5 4 , 5 0 0 ▁passengers ▁( 2 4 % ▁increase ▁over ▁ 2 0 0 3 ). ▁At ▁first ▁the ▁air line ▁used ▁T up ole v ▁Tu - 1 3 4 ▁and ▁Y akov lev ▁Y ak - 4 0 ▁plan es , ▁later ▁le ased ▁A TR ▁ 4 2 . ▁During ▁landing ▁in ▁December ▁ 2 0 0 4 , ▁the ▁A TR ▁ 4 2 ▁aircraft ▁touched ▁some ▁tree ▁branches ▁and ▁almost ▁crash ed ▁at ▁the ▁B