Dzintars administrative building and production facility to be sold at auction

  • 2020-03-27
  • LETA/TBT Staff

RIGA - The administrative building and production facility of the insolvent cosmetics producer Dzintars will be put up for auction; the starting price will be EUR 6.9 million, according to a statement by the company's insolvency administrator Janis Ozolins printed in government gazette Latvijas Vestnesis.

Auctioned will be the company's property at 30 Malu Street in Riga - a land plot of 65,300 square meters in area, buildings on the land plot, movable property, engineering networks, production equipment - 3,145 units in total.

After an assessment of Dzintars properties, the starting price at the auction has been set at EUR 6,912,540, including the price of real estate and movable property related thereto - EUR 6,860,000 (exempt from VAT), and other movable property - EUR 52,540 (VAT applicable).

The auction of Dzintars property will start on Monday, March 30, and close on April 29 at 1 p.m.

As reported, on November 12 last year the Riga Pardaugava City Court ruled Dzintars insolvent and appointed Janis Ozolins as the administrator of the insolvency process.

The insolvency proceedings were initiated on the basis of an application from the insolvency administrator Mareks Diks, while terminating the legal protection process because it was found that Dzintars had not complied with its creditors' legal protection plan in its April 25, 2019 version and no amendments to the plan have since been approved by the majority of creditors and submitted to the court.