Financial Services, Latvia, Legislation, Markets and Companies, Metals Market

The insolvency administrator received no remuneration for his work in 2013.

The Liepajas metalurgs insolvency process expenses reached EUR 6.59 million last year, but in 2013 was EUR 5.44 million.

Debts to secured creditors reached EUR 85.5 million last year, which has since been taken over by the company KVV Liepajas metalurgs, established by the Ukrainian investors KVV Group.

Debts to secured creditors have reduced to EUR 15.99 million, while debts to unsecured creditors increased from EUR 81 million in 2013 to EUR 108.37 million in 2014.

The insolvent metallurgical company Liepajas metalurgs posted EUR 21.45 million in losses last year.

As reported, the Ukrainian company KVV Group won the Liepajas metalurgs tender and the right to acquire the metallurgical plant for EUR 107 million. The company's insolvency administrator Haralds Velmers and Valery Krishtal signed the Liepajas metalurgs sales agreement on October 2 last year.

In the past Liepajas metalurgs used to be one of the largest industrial companies in the Baltic States, as well as one of the largest exporters of Latvia, it accounted for about 0.7-1% of Latvia's gross domestic product.