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

The asking price for all properties has been set at EUR 2.156 million, the auction will start on May 9 and close on June 8 at 1 p.m.; the proceeds will go to Citadele bank.

Up for auction will be a complex of twenty building and a land plot of 362,173 square meters in area at 94C Brivibas Street in Liepaja, the asking price is EUR 713,000.

Also auctioned will be a complex of seventeen buildings and a land plot of 108,234 square meters in area at 92D Brivibas Street in Liepaja. The asking price is EUR 550,000.

The asking price for three buildings and a land plot of 24,029 square meters in area at 142A Brivibas Street is EUR 455,800.

The starting price for a building and a land parcel of 10,149 square meters at 97A Brivibas Street is EUR 381,900.

A complex of five buildings on a land plot of 20,865 square meters in area at 94D Brivibas Street is hoped to raise EUR 55,100 or more.

As reported, the Treasury has concluded a cession agreement with FeLM, a subsidiary of the Privatization Agency, which has been established in line with the government's decision to allow Privatization Agency to set up a company tasked with managing the KVV Liepajas metalurgs debt to the Latvian state. The decision was based on recommendations provided by Deloitte Latvia.

KVV Group announced in late March it had been forced to take a decision on the conservation of KVV Liepajas metalurgs steel plant because the negative factors hampering the company's operations – the crisis in the global metal industry, the company's debts to secured creditors and the Latvian government's reluctance to provide assistance to the industry – were persisting.

As a result, around 300 KVV Liepajas metalurgs workers are to be laid off.