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Friday, 19.04.2024, 13:55
Insolvent KVV Liepajas Metalurgs posts EUR 26.145 mln in losses in 2016
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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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