Crisis, Latvia, Legislation, Markets and Companies, Metals Market

The council has decided that it is necessary to draft a business plan, assessing the company's debts to creditors and the chances of their capitalization, to find out the required sum to ensure the company's further operations. Knowing the exact amount, Liepajas metalurgs will be able to hold specific talks with its potential investors, said Vilnitis.

It is clear that the company's problems must be solved with economic methods, both on the part of shareholders and creditors. Liepajas metalurgs shareholders must realize that distribution of shares will experience considerable changes after attracting an investor, added Vilnitis.

As reported, today, the State Police are carrying out searches at the homes and offices of shareholders and management.

State Police spokeswoman Sigita Pildava confirmed to LETA that several searches have been carried out this morning in connection with the Liepajas metalurgs criminal case. In the interest of the investigation, police are releasing no additional information for now.

LETA also reported, the major shareholders of Liepajas metalurgs – Sergejs Zaharjins and Ilja Segals, have agreed in principle to sell their shares in the company for LVL 1 each.

Discussion on possible sale of the company's shares continues, also with the company's third shareholder – Kirovs Lipmans.