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Thursday, 23.05.2013, 12:09
If the government does not bring about the replacement of Liepajas metalurgs’s board and Prudentia Advisers, and the company's creditors continue to hold on to their "rosy and unjustified vision" of the company's takeover, Latvia will face not only Liepajas metalurgs’s insolvency, but also a nationwide social crisis, points out one of the company's shareholders, Kirovs Lipmans, writes LETA/Nozare.lv.
Keyword tags: Crisis, Financial Services, Investments, Latvia, Legislation, Markets and Companies, Metals Market
Even though pensioners are strongly demanding that indexing of pensions resume, and these demands are also supported by politicians, the collapse of the joint-stock metallurgical company Liepajas metalurgs may put these plans on hold, Welfare Minister Ilze Vinkele (Unity) said in an interview with Latvian State Radio this morning., informs LETA.
After yesterday’s Cabinet meeting, Latvian Economy Minister Daniels Pavluts told members of the press that if Liepajas metalurgs shareholders ignore the demands set by the company's club of lenders, almost all hope will be lost to resume production and the company's insolvency scenario will be inevitable, informs LETA/Nozare.lv.
The shareholders at the joint-stock metallurgical company Liepajas metalurgs must either sell their shares or invest large amounts of money into the company by May 31.
"Liepajas metalurgs minority shareholder Kirovs Lipmans, is lying to benefit himself," the company's major shareholder Sergejs Zaharjins points out in an interview for the newspaper Diena, cites LETA.
"The state does not have to take over the liabilities of the troubled metallurgical company Liepajas metalurgs", President Andris Berzins said in an interview on Latvian State Radio today.
The rescue of the joint-stock metallurgical company Liepajas metalurgs (LM) is in the hands of the state, and the talk about a potential investor restoring LM operations in a day's time is complete nonsense, LM largest shareholder Sergejs Zaharjins points out in an interview with the newspaper Diena, cites LETA.
If the financially-troubled metallurgical company Liepajas metalurgs is shut down, Latvia's economic growth will be reduced 0.6-0.7% this year, Bank of Latvia President Ilmars Rimsevics predicted during a press conference yesterday, cites LETA/Nozare.lv.
Estonian entrepreneurs invested approximately 25 millio euros in construction and operation of a lead-acid accumulator reprocessing plant, LETA informs, referring to the Estonian news portal dv.ee.
The recent developments at the joint-stock metallurgical company Liepajas metalurgs that are connected not only with the company's business problems, but also with yesterday's searches, indicate that not everything is in order at the company, however, according to Liepajas metalurgs council members Andris Denins and Guntis Vilnitis, the government's consultant Prudentia has made the biggest dent in the company's rescue, reports LETA.
Liepajas metalurgs potential investors could have the greatest interest in its subsidiary Liepajas osta LM, which has a stable business at the Port of Liepaja, reports LETA, referring to the newspaper Dienas Bizness.
Liepajas metalurgs believes that yesterday’s searches were carried out at the company to cause a furor, undermine the company's reputation in the eyes of its cooperation partners and discredit one of Latvia's largest tax payers and employers – a politically-instigated move aimed at destroying the company, informs LETA/Nozare.lv.
The financially-troubled joint-stock metallurgical company Liepajas metalurgs must still repay EUR 67,465,055.88 (LVL 47,414,711.13) to the Italian bank UniCredit S.p.A, the State Treasury's press secretary Ieva Dzelme informed LETA/Nozare.lv.
Joint-stock metallurgical company shareholder Kirovs Lipmans wants an emergency company council meeting called to come to an agreement on measures to save the troubled company, he told the business information portal Nozare.lv today, cites LETA.
Liepajas metalurgs council has tasked the company's management with drafting a business plan and leading the company out of the crisis, Liepajas metalurgs council member Guntis Vilnitis told Nozare.lv.