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First payment cleared in Liepajas metalurgs acquisition process

BC, Riga, 19.11.2014.Print version
The new owner of Liepajas metalurgs – Ukrainian company KVV Group, has cleared its first payment in the acquisition process – EUR 20.5 million, Liepajas metalurgs insolvency administrator Haralds Velmers told LETA on November 14th.

"The payment was received according to the schedule. I have information that the new owners transferred the money to the newly-established KVV Liepajas metalurgs account, which will be invested in the company's current assets," Velmers said.

 

He added that the Liepajas metalurgs deal "has not been finalized completely", as the company's assets need to be officially transferred to the new owner first, while registering the property in the Land Register requires a specific period of time.

 

"This process will begin after the state holidays, and the deal should be finalized in November," Velmers added.

 

As reported, KVV Group hopes to resume Liepajas metalurgs operations by the end of the year, co-owner of KVV Group Yevgeny Kazmin said at a press conference.

 

"The deal is very intricate, and cannot be cleared in one day, however, the takeover process has proceeded without any complications so far," Kazmin stressed. "As soon as all the necessary documents are prepared, we will be ready to begin work to receive the first tons of products within three weeks."






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