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Wednesday, 19.06.2013, 17:50
Action for facilitating employment in Liepaja in case of Liepajas metalurgs not resuming production approved18.06.2013
Today, the Cabinet of Ministers become acquainted and approved in principle a plan of action for reducing social and economic risk, facilitating employment and business activities in case of Liepajas metalurgs shareholders failing to agree with the company's creditors and potential investors on cooperation and the company does not resume production, reports LETA.
Keyword tags: Employment, Latvia, Legislation, Markets and Companies, Metals Market
Liepajas metalurgs creditors have received at least three offers from the company's potential investors, Economy Minister Daniels Pavluts pointed out in a morning interview with the LNT television channel, writes LETA.
Financially troubled metallurgical company Liepajas metalurgs has confirmed to the NASDAQ OMX Riga stock-exchange that it intends to resume production in mid-July 2013, cites LETA/Nozare.lv.
Russian metallurgical company Dalpolimetall is one of the prospective buyers for the troubled joint-stock Liepajas metalurgs, reports LETA/Nozare.lv, referring to the newspaper "Vesti Segodna".
Latvian Television reported that 120 employees of the financially troubled metallurgical company Liepajas metalurgs have already left the company, informs LETA.
If production is not resumed at Liepajas metalurgs in the near future, it could have problems paying employees in July, the business information portal Nozare.lv was informed by spokeswoman from the metallurgical company, Simona Laiveniece, cites LETA.
Liepajas metalurgs shareholder Kirovs Lipmans has sent a letter to the company's council chairman Sergejs Zaharjins, asking that a meeting of the company's council be called by no later than June 17, 2013, reports LETA/Nozare.lv.
The so-called club of creditors of the financially troubled metallurgical company Liepajas metalurgs, in cooperation with consulting firm Prudentia Advisors, will continue to look for an agreement and legal solutions to stabilize the situation at the company, as Prudentia Advisors Chairman of the Board Karlis Krastins said during a press conference yesterday, informs LETA/Nozare.lv.
Liepajas metalurgs shareholder Kirovs Lipmans has decided to start individual talks with the company's creditors, Latvian State Television reported last night. Lipmans said he would speak to every creditor, even if this would mean making the process longer, informs LETA/Nozare.lv.
The government's task force will consider further action on the faltering Liepajas metalurgs company after receiving consulting company Prudentia Advisers report, after which the matter will reviewed by the government, Finance Ministry's Communications Department head Aleksis Jarockis told LETA/Nozare.lv.
Liepajas metalurgs shareholder Kirovs Lipmans has not signed the agreement on the required measures for the company's stabilization in accordance with the deadline set by the government, LETA was informed by the government's consultant Prudentia Advisers.
Several key aspects of the pending Liepajas metalurgs bailout deal must be altered so the company's shareholder Kirovs Lipmans could participate in the deal, as Lipmans informs in a letter to Prime Minister Valdis Dombrovskis (Unity), Finance Minister Andris Vilks (Unity) and Prudentia Advisers partner Reinis Martinsons, confirming that he is ready for cooperation in order to renew the company's operations, informs LETA/Nozare.lv.
Speaking on LNT this morning, President Andris Berzins informed viewers that the investor for the troubled Liepajas metalurgs (LM) company found by shareholder Lipmans, "has experience in the sector, is capable of taking action, but ultimately the decision is for the investor to make.", informs LETA.
The largest shareholder of the financially troubled metallurgical company Liepajas metalurgs Sergejs Zaharjins has received the contract on selling his shares in the company and is prepared to sign in, reports LETA, referring to the Latvian business newspaper Dienas Bizness.
President Andris Berzins' Press Secretary Liga Krapane has confirmed to LETA that he has met with the possible investor for the metallurgical company Liepajas metalurgs, found by one of the company's shareholders, Kirovs Lipmans.