Insolvency administrator to the bankrupt KVV Liepājas metalurgs Guntars Koris has decided to sell property owned by the company at an auction, as confirmed by the administrator’s representative Dzintars Hmieļevskis.
This decision was made because none of the contenders to purchase KVV Liepājas metalurgs had complied with conditions put up by creditors and had not provided guarantees that would demonstrate the ability to buy the business as one whole and restore its function.
In accordance with the Insolvency Law, the administrator has made changes to the sales plan for the company’s property.
On January 4, the Latvian government decided to give potential investors two weeks to make their decision on the purchase of the company. Economy Ministry Arvils Ašeradens said that talks with potential investors had not ceased; it was just that investors wanted more beneficial conditions. At the same time, the government is interested in recovering as much previously invested money as possible even though it is clear that it will not be possible to recover the entire amount.
KVV Liepājas metalurgs was declared insolvent in September 2016. (BNN/Ukrainian metal)