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''Today we have received confirmation from the other creditors, who support the company's sale plan. Thus, we will immediately begin work on organizing the process,'' Velmers points out.

In order to begin implementing the company's plan, the administrator must get the green light from all three of the company's main creditors – the State Treasury, Citadela banka and SEB banka. Only the State Treasury had previous agreed to selling before today.

''The creditors were sent the plan on January 20, and we need their approval before we can move forward. We also need their approval so that we could attempt to sell the company without auction, which is the best way to find a suitable investor,'' Velmers said.

As reported, the government in February month supported the strategy for sale 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.