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Insolvency claim against Latvia's Tosmares Kugubuvetava to be withdrawn

BC, Riga, 07.02.2018.Print version
The Latvian shipyard Tosmares Kugubuvetava has reached an agreement with KHL-Company about payment of its debt and the latter will withdraw the insolvency claim it had filed against the shipyard, informs LETA.

The board of Tosmares Kugubuvetava said in a statement submitted to the Nasdaq Riga stock exchange that an agreement had been reached with KHL-Company about the payment of the debt and KHL-Company will withdraw its request for declaring Tosmares Kugubuvetava insolvent.

As reported, KHL-Company filed an insolvency claim against Tosmares Kugubuvetava on January 22 this year, and the court in the Liepaja city in south-western Latvia was scheduled to hear the insolvency claim on February 8.

In the first nine months of 2017, Tosmares Kugubuvetava posted EUR 2.956 million in turnover at a 20.1 percent drop from 2016, and earned a profit of EUR 2,119, which is a multiple reduction year-on-year.

Shares in Tosmares Kugubuvetava are quoted on the Secondary List of the Nasdaq Riga stock exchange.

Latvia's Rigas Kugu Buvetava shipyard is the largest shareholder of Tosmares Kugubuvetava.

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