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''A year ago, it looked like Liepaja would be hit hard due to the fact that such a large company has halted production. However, residents are full of energy, and the city has not stopped working or regressed into depression,'' said Ozols. ''Of course there are processes which have slowed down, but we see that the situation is not anywhere as bad as previously feared.''

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

Liepajas metalurgs shut down 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.