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The sales offers have been sent out to potential buyers in North America, South America, Europe, the Middle East (Egypt, Turkey, Saudi Arabia), Australia and Asia (Russia, China, Japan, India).

As reported, consultancy firm Prudentia has been selected to organize the sale of Liepajas metalurgs.

Velmers said that the list of potential buyers are located in every continent and that 20 confidentiality agreements have already been signed with potential buyers.

LETA also 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.