Estonia, Markets and Companies, Metals Market

Levada blamed creditors for the move.

"This was a step forced upon us by financial institutions and the fate of the company will now be decided via lawyers and in court," said Levada.

"I have made mistakes, but not so many for the company to wind up in bankruptcy. The crisis and fall in commodities prices, the total change in the attitude from banks to their customers are the primary concerns for all of Estonian enterprise," he said.

In 2006, Viktor Levada became known for buying the most expensive plot of land in Tallinn city center for 38 million euros. The high-rise buildings planned never materialized before the economic downturn.