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International Internet Magazine. Baltic States news & analytics Friday, 20.07.2018, 23:17

Insolvent KVV Liepajas Metalurgs posts EUR 26.145 mln in losses in 2016

BC, Riga, 10.08.2017.Print version
The insolvent joint-stock company KVV Liepajas Metalurgs posted EUR 26.145 million in losses in 2016, while the company's turnover amounted to EUR 14.163 million, writes LETA, according to

In 2015, KVV Liepajas Metalurgs turned over EUR 69.356 million and posted EUR 8.366 million in losses.


As reported, Liepajas Metalurgs metallurgical plant based in the Liepaja port city in south-western Latvia was first declared insolvent after it failed to repay a state-guaranteed loan to an Italian bank. The government sold the plant to Ukrainian investors, KVV Group, in late 2014. Liepajas Metalurgs was renamed KVV Liepajas Metalurgs and officially re-opened on March 6, 2015, but soon started having problems again.


Liepaja Court ruled KVV Liepajas Metalurgs insolvent in September 2016.


August 16 is the deadline for sale of KVV Liepajas Metalurgs assets. Creditor claims to KVV Liepajas Metalurgs submitted to the insolvency administrator total more than EUR 116.587 million. The total amount of secured creditor claims is EUR 86.935 million, and the claims by unsecured creditors add up to EUR 29.652 million.

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