Talks with po­ten­tial KVV Liepā­jas met­alurgs buy­ers to con­clude in Au­gust

Baltic News Network - - Front Page -

Talks with po­ten­tial buy­ers of the in­sol­vent KVV Liepā­jas met­alurgs will con­clude at the end of Au­gust, says rep­re­sen­ta­tive of the com­pany’s in­sol­vency ad­min­is­tra­tor Dz­in­tars Hmielevskis.

In­for­ma­tion pub­lished in the in­sol­vency registry states that a clar­i­fied KVV Liepā­jas met­alurgs prop­erty sales plan has been sub­mit­ted. The com­pany’s in­sol­vency process ad­min­is­tra­tor Gun­tars Koris has ex­tended the prop­erty sales term to co­or­di­nate the pur­chase con­tracts with cred­i­tors and make the fi­nal de­ci­sion in re­gards to the choice of the buyer. Ex­ten­sion of the term is also re­quired to se­cure visas for rep­re­sen­ta­tives of po­ten­tial in­vestors. The sale term is ex­tended un­til 29 Septem­ber 2017. Hmielevskis notes that talks with po­ten­tial in­vestors are reach­ing their fi­nal stages and are con­tin­u­ing very ac­tively. Be­cause of that, no ad­di­tional in­for­ma­tion is be­ing re­leased at this time.

The sale term for KVV Liepā­jas met­alurgs prop­erty was orig­i­nally ex­tended un­til 16 Au­gust. The in­sol­vency ad­min­is­tra­tor ex­plained the de­ci­sion to ex­tend the sale term be­cause af­ter re­ceiv­ing of­fers from in­vestors, more time was needed to as­sess of­fers and re­quest ad­di­tional doc­u­ments, as well as show po­ten­tial in­vestors around the pro­duc­tion plant.

On 30 May, Econ­omy Min­is­ter Arvils Aser­adens men­tioned af­ter a gov­ern­ment meet­ing that six po­ten­tial in­vestors sub­mit­ted non­bind­ing of­fers and that the Cab­i­net of Min­is­ters gave green light for fu­ture talks. Aser­adens said that he is cau­tiously op­ti­mistic about the pos­si­bil­ity of restart­ing pro­duc­tion.

In ac­cor­dance with the In­sol­vency Law, the prop­erty sale term is six months from the day of dec­la­ra­tion of a com­pany’s in­sol­vency. The orig­i­nal term was 16 March 2017. This term was later ex­tended to 16 June. And now it has been ex­tended to 16 Au­gust.

The to­tal amount cred­i­tors re­quested from KVV Liepā­jas met­alurgs’ in­sol­vency ad­min­is­tra­tor was EUR 116,587,921.86. The com­pany’s em­ploy­ees have also sub­mit­ted claims for a to­tal amount of EUR 722,781.68.

Liepaja Court de­clared KVV Liepā­jas met­alurgs in­sol­vent on 16 Septem­ber 2016. There were 147 peo­ple em­ployed at KVV Liepā­jas met­alurgs on the day it was de­clared in­sol­vent.

Evija Tri­fanova/LETA

Newspapers in English

Newspapers from Latvia

© PressReader. All rights reserved.