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Wednesday 22.11.2017 | Name days: Aldis, Alfons, Aldris
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Liepājas metalurgs submits the legal protection plan

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Baltic news, News from Latvia, BNN.LV, BNN-NEWS.COM, BNN-NEWS.RULiepājas metalurgs (LM) has submitted its legal protection plan to Liepaja Court. It should be added that August 26, the day the plan was submitted, was the final deadline.

Liepaja Court has accepted the legal protection plan. It was jointly developed by LM’s specialists and has been harmonized with more than 55% of creditors, including Prudentia Advisers, LM reports.

It is expected that Haralds Velmers will become the administrator supervising the legal protection plan.

Inta Kurpa, assistant of Liepaja Court judge, has confirmed that LM’s legal protection plan was received shortly before the end of the working hours. The documents have been handed to the judge. She did not say when the court might finish the plan’s approval procedure.

As previously reported, LM is in an financially difficult situation at the moment. The plant has ceased all production and is focusing on its legal protection plan. The Latvian State Treasury paid LM’s debt to UniCredit S.p.A. This July – a total of EUR 67,465,056. Before that, the State Treasury had also performed a payment on LM’s behalf to the Italian bank worth a total of EUR 6,128,456.

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