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New owners of Liepajas metalurgs to take over company's assets

BC, Riga, 04.12.2014.Print version
Creditors of the now-defunct Liepajas metalurgs have signed all necessary documents allowing KVV Liepajas metalurgs to take over the company's assets, KVV Group spokeswoman Inese Ozolina told newspaper "Kurzemes Vards", cites LETA.

According to her, KVV Liepajas metalurgs has become the lawful owner of the factory. The first payment of EUR 20.5 million, which KVV Group already cleared in mid-November, will be distributed to the creditors after the assets are registered.

 

"Thus, an important stage has been concluded in order to register the new owner in the land book and take over the assets. We will also continue discussion and the agreement-signing process both with the suppliers and service providers, and depending on the outcome, a decision will be made on how the factory will be restored," board member of KVV Liepajas metalurgs, Igors Kovalenko told LETA.

 

Liepajas metalurgs insolvency administrator Haralds Velmers' spokeswoman Elina Lazdane said that the financial documentation has been signed with the creditors, however, KVV Group is still to submit several of its documents. Afterwards, the property will be handed over to the new owners.

 

As reported, the Ukrainian company KVV Group won the Liepajas metalurgs tender and the right to acquire the metallurgical plant for EUR 107 million.

 

KVV Group intends to invest a further EUR 30 million into Liepajas metalurgs and resume production already this year.

 

Calculations indicate that the state will be able to retrieve all budget funds that were invested in Liepajas metalurgs, including security payments and maintenance costs. The state has already retrieved a total of EUR 768,000.






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