Latvia, Legislation, Machinery construction, Oil

Ivars Melkis has been appointed the insolvency administrator in the process.

Company Smare filed the insolvency case against Tosmares Kugubuvetava.

Smare’s lawyer Eriks Stalbergs said that Tosmares Kugubuvetava’s debt to the company is EUR 21,557. He also said that Smare has several related company, but just filed the insolvency claim against the shipyard. The total debt of the shipyard to Smare and related companies is about EUR 90,000.

This year insolvency claim against Tosmares Kugubuvetava has been filed twice already, but both times the company managed to reach an agreement.

Tosmares Kugubuvetava last year generated EUR 3.493 mln in turnover, down 31.7% y-o-y while the company’s loss reached EUR 681,549 in contrast to a profit in 2016.

Shares in Tosmares Kugubuvetava are quoted on the Secondary List of the Nasdaq Riga stock exchange.

Latvia’s Rigas Kugu Buvetava shipyard is the largest shareholder in Tosmares Kugubuvetava.