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Letters of intent have been signed with both companies, reports LETA/Nozare.lv. Velmers said that the most suitable candidate will be announced in a week's time.

Velmers indicated that the discussions will concern the legal aspects of the deal, payment schedules, and the amount of the down payment. In choosing the buyer, the final amount and payment schedules will be taken into account.

According to Velmers, both candidates' have offered competitive prices, however, Velmers refused to disclose them.

He added he was confident that the deal will be closed in September.

The sale contract will include a condition which stipulates that the company must resume operations already this year.

After one investor is selected, the further procedure will be harmonized with Liepajas metalurgs secured creditors – the state of Latvia, Citadele and SEB banka.

As reported, Velmers originally received ten non-binding offers from bidders willing to acquire Liepajas metalurgs. Four were disqualified, and later talks were also halted with businessman Kirovs Lipmans and an unnamed Western company. Velmers said earlier this week that two of the remaining four bidders had serious intentions.

Portal Pietiek.com reported that the two other bidders include the Metalloinvest holding that belongs to Russian billionaire Alisher Usmanov and his business partner Vladimir Skoch, and Novosibirsk holding company Afina Pallada.