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''I propose to extend the sales deadline, because, according to the company's sales plan, the company has been put on an international sales offer. This process takes time, and cannot be done at a high quality in the remaining three months of the previous deadline,'' the company's insolvency administrator Haralds Velmers pointed out.

As reported, the government last week supported the sales strategy of Liepajas metalurgs.

According to the strategy, the company's casting and forging facilities, technological equipment, real estate and movable property necessary for the company's operations will be offered to qualified buyers internationally so to raise as much money as possible from the deal.

Selling the property of the company that has not been pledged as security may raise EUR 3.5 million without the need to organize an auction, plus another EUR 1 million that will be raised by selling assets at auction. Selling the other assets, which the company has set up as security for various loans, is hoped to raise EUR 112.3 million.

LETA also reported, Liepaja Court commenced Liepajas metalurgs insolvency process on November 12 last year. Velmers was appointed the company's insolvency administrator. Over 1,500 Liepajas metalurgs workers have been laid off so far.

Liepajas metalurgs halted production last spring. In July 2013, the State Treasury repaid from the state budget the principal amount of the loan owed to the Italian bank UniCredit by Liepajas metalurgs – EUR 67,465,056 or LVL 47,414,711.