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At two other auctions selling the steel company’s property, EUR 82,000 were raised by selling a property in Liepaja at 100B Brivibas Street and EUR 116,000 by selling a property in Liepaja at 94A Brivibas Street, the insolvency administrator informed.

The results of the auctions have yet to be approved by court.

Asked if she might cancel the auctions of KVV Liepajas Metalurgs assets announced by the company’s previous insolvency administrator Guntars Koris, Dika said she could not yet comment on this as she had not yet received all documents of the insolvency case from Koris,

As reported, the assets of Latvia's insolvent steel company KVV Liepajas Metalurgs are being auctioned off because none of the company's potential investors had met the requirements set by the secured creditors or provided the required guarantees that would prove their ability to acquire KVV Liepajas Metalurgs in one piece and relaunch its operations.

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 and was once more declared insolvent in September 2016.