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As Lipmans' attorney Pavels Rebenoks informed the business information portal Nozare.lv, even if his client agreed to one or the other demands set by the government's consultant Prudentia Advisers, he has received no information on the procedure.

''We have not received the conditions on how the transfer of money will take place, as well as the technical details of the deal. Thus, my client have not been given the opportunity to act to save the company,'' Rebenoks said.

''It is not normal in business for the shareholder of a company to act and make decisions based on just ultimatums made through the media, not knowing why he must do what he has been demanded. This is especially so, taking into account that those who issued the ultimatum have limited knowledge of the metallurgical business,'' Lipmans' attorney points out.

As reported, the shareholders of Liepajas metalurgs have been told that they must either sell their shares or invest large amounts of money into the company by May 31.

Liepajas metalurgs creditors have decided to capitalize approximately one-half of the company's debt commitments (currently exceeding LVL 125 million) and become its shareholders.

The company's current shareholders will either have to sell their Liepajas metalurgs shares to the company's creditors for LVL 1, or invest LVL 10 million in the company each, in which case they will remain shareholders and, alongside the company's creditors, will continue to support and stabilize the company.