EU – Baltic States, Latvia, Markets and Companies

This means that two publishing houses will continue their business in Latvia: Mukusala and Fenster. Both emphasize that they would be prepared to meet the increased demand for printing services after Preses nams halts its printing business. Biznes&Baltija believes that the decrease in competition will lead to higher prices for printing services.

November 6, the Riga Kurzeme District Court turned down Preses nams request for legal protection for a two-year period.

Preses nams representative Dace Robezniece told LETA that the company needed two years to complete the continuing reorganization process, upgrade technological equipment, enter new markets and restore solvency.

The goal of Preses nams is to retain its leading position in the Baltic printing market as well as to consolidate the company's exports, mostly to Nordic, German and Russian markets.

Preses nams board chairman Igors Stepanovs admits that the economic crisis has made it impossible for the company to continue the restructuring process. Although the number of Preses nams clients has not changed much, and despite improvements in the work efficiency of Preses nams, the current situation is difficult for the company because of the decreasing solvency in the publishing business, he said.

Preses nams posted LVL 7.5 million in losses last year.

Shipping company Latvijas kugnieciba subsidiary LASCO Investment is the largest Preses nams shareholder with 95.4% of the company's shares.