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Saturday, 20.12.2014, 05:40
Liepaja metallurgical company Liepajas metalurgs will not resume production in 2014 after all, the Latvian Television show "Panorama" reported last night, cites LETA.
Keyword tags: Financial Services, Latvia, Markets and Companies, Metals Market
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.
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 process of takeover of the insolvent Liepajas metalurgs is still in progress, however, the new owners at KVV Group hope to resume Liepajas metalurgs operations by the end of the year, co-owner of KVV Group Yevgeny Kazmin said at a press conference, reports LETA.
Liepaja City Council Chairman Uldis Sesks (Liepaja Party) hopes that Liepajas metalurgs will resume operations already in December 2014, informs LETA.
Scrap metal recycling company Tolmets was the leading services provider in 2013 with turnover of EUR 148.5 million, according to the Latvian Business Annual Report 2014 compiled by Firmas.lv and LETA.
Regardless of the fact that current Latvian-Russian economic relations are troubled by the European Union and Russia's mutual sanctions, they could stabilize soon, reports LETA.