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Tuesday 17.10.2017 | Name days: Karīna, Gaits
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Insolvency requested for KVV Liepājas metalurgs

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Baltic news, News from Latvia, BNN.LV, BNN-NEWS.COM, BNN-NEWS.RUInsolvency of KVV Liepājas metalurgs has been submitted to Liepaja Court, according to an entry on the website of Insolvency Administration.

The insolvency request was submitted to the court by Elme Messer Metalurgs. The insolvency case was launched on Wednesday, 16 December.

As reported by Panorāma prgramme of LTV, the company turned to the court against insolvency administrator Haralds Velmers in relation to payments worth more than EUR 500,000.

Velmers has submitted a counter-claim against KVV Liepājas metalurgs. The administrator claims there should be no argument at all because this is about commitments taken up by KVV Liepājas metalurgs. The administrator reminds that KVV Liepājas metalurgs had agreed to cover Liepājas metalurgs’ expenses left from December 2014, adding that the company is trying to challenge in court the agreement the company had signed.

The amount in question – EUR 500,000 – includes salaries and the payment for maintenance of the production plant.

LTV could not contact KVV Liepājas metalurgs leadership yesterday.

The company’s turnover is more than EUR 73 million in 2015. The total volume of manufactured goods reached 200,000 tons, as reported by the company.

In 201, the company employed more than 550 workers. Nearly 7 million were paid in salaries, including taxes. The largest amount of money was spent on energy resources – EUR 4 million. This includes EUR 1.2 million on mandatory procurement component and more than EUR 3.5 million for gas.

KVV Liepājas metalurgs realizes its products in Latvia, Lithuania, Estonia, Poland, Germany, Iceland, Norway, Switzerland, Denmark, Finland, Algeria and Russia. The company also holds compliance certificates in Germany, Poland, Finland, Denmark, Norway, Switzerland and Latvia. The company’s certification process in UK is currently coming to a finish.

It is mentioned in the company’s announcement that it has not only managed to recover production but also stabilize production volumes, optimize production costs and energy resource consumption in spite of the catastrophic state of the market. It was also possible to sign new procurement contracts that provide better prices for raw materials. Although the company will likely conclude 2015 will significant losses, positive progress achieved this year allows for the hope that it will be possible to continue work even in complicated market conditions.

However, Mayor of Liepaja Uldis Sesks told 900 seconds programme this Wednesday that KVV Liepājas metalurgs decided to halt production for three weeks – until 10 January.

Ref: 102.109.109.2727


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