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Latvijas Finieris acquired Kohila factory
Juhan Tere, BC, Tallinn, 23.05.2011.
Print version
Print versionLatvian veneer producer Latvijas Finieris acquired on Friday from the SEB bank the bankrupt Baltic Panel Group veneer factory in Kohila, Central Estonia, LETA/Äripäev.ee reports.
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Spokesman of Latvijas Finieris confirmed acquisition of the factory but refused comments as yet. SEB did not confirm the news.
The Kohila veneer factory was built by Grove Invest via its subsidiary Baltic Panel Group (BPG). The plant launched production in 2006. BPG went bankrupt in May 2009. The company's management accused SEB bank in the bankruptcy saying the bank’s activities obstructed the launch of the plant and demands a compensation of EUR 96 million from SEB. The court has not yet made a ruling on the dispute.
After BPG went bankrupt bankruptcy receivers tried to sell the plant at auctions. Finally the plant was bought in August 2009 for EUR 1.6 million by SEB Liising.
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