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Only State Treasury has agreed to Liepajas metalurgs sales strategy so far

BC, Riga, 19.02.2014.Print version
Out of the three secured creditors of the troubled metallurgical company Liepajas metalurgs, only the state, represented by the State Treasury, has agreed to the company's sales strategy, Liepajas metalurgs insolvency administrator Haralds Velmers informed Nozare.lv, cites LETA.

In order to begin implementing the company's sales strategy, the administrator must receive the green light from all secured creditors – the State Treasury, Citadele banka and SEB banka.

The plan was sent out to Liepajas metalurgs creditors on January 20. Their go-ahead is required for Liepajas metalurgs to be sold alongside the property of these creditors at the company. The go-ahead is also required for the company to be sold without an auction which is the best way to find the most suitable investor, said Velmers.

As reported, the government has supported Liepajas metalurgs sales strategy, which was previously drawn up by its administrator, Finance Minister Andris Vilks (Unity) and Velmers informed the press on February 11 after the Cabinet meeting. The finance minister expressed confidence that the acquisition offer internationally could officially be organized in the spring. He added that the best-case-scenario would see the company resume production in the summer. Vilks added that the company is still attracting interest from international investors in Europe and Russia. He also added that the company will be sold as a whole, and it will remain accessible to Liepaja Port.






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