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Monday, 08.09.2025, 16:59
Vilks: Liepajas metalurgs generates considerable interest among investors
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Now that Liepajas metalurgs legal protection process administrator has filed a petition for insolvency, the company's current shareholders are no longer in the way. Investors were waiting all this time for shareholders to end their "circus". Liepajas metalurgs administrator is now free to speak with investors residing in Latvia, Vilks told Latvian Television's morning news program ''Rita Panorama''.
There are at least two potential investors from Russia. Financial consultant Prudentia Advisers also has information about other potential investors from other regions. Vilks also does not rule out that the company's current investors will try to regain their influence on Liepajas metalurgs through offshore companies.
Vilks is convinced that it is possible to recover millions of lats invested in the company. At the same time, the minister points out that it is still too early to predict the required amount of time to accomplish this, adding that there are all the preconditions – the company has been modernized and is located in a geographically advantageous region.
According to the minister, the 2014 national budget has been drafted keeping in mind the worst case scenario – Liepajas metalurgs not resuming its operations.
As reported, the faltering metallurgical giant Liepajas metalurgs will next be undergoing examination by a court of law as its legal protection process administrator Haralds Velmers filed a petition for insolvency yesterday.
The Liepaja court will have two weeks time to review the matter, and if Liepajas metalurgs is designated insolvent, it will be placed under Velmers' 100% supervision, eventually leading to a deed of sale (in six months following the court's ruling).
Velmers told the Nozare.lv portal yesterday after filing the petition that the insolvency designation will "open new opportunities for the company itself, and – in the long run – a majority of its employees."
He admitted that preparing the company for sale will not be an easy process.
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