Barcelona city tours is a perfect opportunity to have a perfect vacation outside the Baltic States. Gene Zolotarev on how to destabilize the EU financial system. Andris Berzins
Vladimir Linderman aka Abel Edmunds Sprudzs Valdis Zatlers Aivars Lembergs Girts Valdis Kristovskis Maris Grinblats Guntars Krasts Alfreds Rubiks Sandra Kalniete Raivis Dzintars Algirdas Butkevicius Algirdas Paleckis Dalia Grybauskaite Kazimira Danute Prunskene Vytautas Landsbergis Rolandas Aksas Viktor Uspaskich Valdemar Tomasevski Leonidas Donskis Arturas Zuokas Edgar Savisaar Andrus Ansip
The current website developed by YWSolution Limited

Liepajas Metalurgs starts insolvency

Nov 13, 2013
From wire reports, RIGA

The Liepaja Court has a launched insolvency process against the financially-troubled metallurgical company Liepajas Metalurgs, reports LETA

The court has decided to halt the companies legal protection process and launch an insolvency process against it.

Liepajas Metalurgs legal protection administrator, Haralds Velmers has been appointed the company's insolvency administrator.

Velmers' insolvency petition was submitted to the court on Nov. 4.

If "Liepajas metalurgs" is declared insolvent, it will be placed under Velmers' supervision, eventually leading to a deed of sale in six months following the court's ruling.

Velmers told the Nozare.lv that the insolvency designation will "open new opportunities for the company itself, and - in the long run - a majority of its employees."

"Of course, preparing the company for sale will not be an easy process," he said.

"The company's workers also need to know they may have certain problems, because the insolvency process will thoroughly consider how many workers should be left at Liepajas Metalurgs to keep the company alive until an investor is found. My objective will be to find a buyer willing to renew production and development of the company," said Velmers, adding that this would mean that the laid off workers would be able to return to the company."

Liepajas metalurg has halted production. In July, the State Treasury repaid from the state budget the principal amount of the loan owed to the Italian bank UniCredit by Liepajas metalurgs   67,465,056 euros or 47,414,711 Lats.

 MORE NEWS
  • Open letter urges permanent NA...
    One hundred public figures from the Baltics have urged U.S. President Barack Obama...
  • PM: ’Lithuania’s support for U...
    Lithuania's Prime Minister Algirdas Butkevicius claims that ties between Vilni...
  • Fazer to close Estonia factory...
    Finnish bakery and confectionery firm Fazer will close its Tallinn factory making ...
  • VIDEO: ’Do you regret the kill...
    A brave journalist has 'doorstepped' Russian President Vladimir Putin o...
  • ’Clumsy’ EU fails to reach agr...
    The EU has failed to agree over new sanctions against Russia due to 'clumsy...
  • Estonia to support fight again...
    Estonia will allocate 50,000 euros to support the spread of the deadly ebola vi...
  • Riga Apartments for Rent

    Maximus
    © 2014 BALTIC NEWS LTD. All Rights Reserved.