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Investors show interest in Liepajas metalurgs

Jan 08, 2014
From wire report

RIGA - Several investors from Russia and Western Europe have expressed interest in purchasing Liepajas metalurgs, the Liepajas metalurgs insolvency administrator Haralds Velmers said, reports Nozare.lv. In addition to those previously mentioned, other investors from Russia and Western Europe have also expressed interest in purchasing the company, added Velmers.

The administrator, however, declined to reveal their names.
Russian company Afina Pallada has renewed talks about the possible acquisition of the insolvent Latvian metallurgical company Liepajas metalurgs, the Afina Pallada authorized representative in Latvia, Sergey Pisarchuk, told Nozare.lv.
“We are interested in the acquisition of Liepajas metalurgs, because what previously obstructed our investments in the company is now gone. We are prepared to buy Liepajas metalurgs and renew production,” stressed Pisarchuk.
Now that Liepajas metalurgs has been declared insolvent, the obstacles have been removed, and the company’s shareholders are no longer in control, stressed Pisarchuk. He said Afina Pallada was now involved in talks on acquisition of the defunct metals firm. When asked who exactly Afina Pallada was in talks with, Pisarchuk said it was with those responsible for the management of the company and decision-makers – the creditors and the insolvency administrator.

Liepaja Court commenced Liepajas metalurgs’ insolvency process on Nov. 12. During the next two months, stock-taking takes place and an assessment of the company is performed, based on the results of which a sales plan for the company will be drawn up.

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