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President: state does not have to take over Liepajas metalurgs's liabilities
BC, Riga, 20.05.2013.
Print version
Print version"The state does not have to take over the liabilities of the troubled metallurgical company Liepajas metalurgs", President Andris Berzins said in an interview on Latvian State Radio today.
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"If no investor is found for the company, it will have to undergo the insolvency process, whereas the state does not have to assume any unnecessary liabilities," said the president, noting that the insolvency procedure offers a framework for the company to continue business.
He commented further that there are many parties that could be blamed for the distress at the company, and that it would not be easy to find the person guilty of the government's decision to underwrite the company's loans. "I believe it [the guilty party] will not be established."
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