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Lipman: Zakharin and Segal are presented with conditions to hand over their shares in LM

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Kirov Lipman

Shareholders of Liepājas metalurgs Sergei Zakharin and Ilya Segal have until Monday, August 19 to hand over their shares to the company’s creditors for LVL 1 each, as revealed by the third shareholder Kirov Lipman.

This condition was presented by the partner of Prudentia Advisers Karlis Krastins during a meeting with the three shareholders yesterday. If this condition is not met, the company’s insolvency process will be initiated, Lipman claims.

“I was not presented with the same condition because I am prepared to invest my own money in the company,” – Lipman said.

He added that he does not believe Zakharin and Segal will complete this request and just give away their shares.

Representatives of the LM creditors club received Prudentia’s legal protection plan on August 13. They are busy reviewing it, as reported by press secretary of State Treasury Eva Dzelme.

“Financial consultants only submitted the plan and presented some of the main features. Creditors have begun reviewing this plan in detail. It is not yet clear whether this edition of the plan will satisfy the creditors,” – Dzelme said.

She added that there will definitely be other meetings with the financial consultant in order to discuss all conditions of the plan.

As it is known, last week, LM submitted its proposals for the legal protection plan to Prudentia Advisers.

“We have submitted our proposals and estimates regarding the company’s restructuring, metal scrap procurement and sale prices and other important business aspects. Now consultants will add these numbers to the legal protection plan and will then present them to the creditors club,” – said Council Chairman of LM Guntis Vilnitis.

The plan includes setting debt capitalization options, separation of some of LM’s workshops and selling of shares of subsidiaries, as well as reduction of the number of workers, as reported by the company’s press-service. The plan includes the allocation of LVL 25 million as investments in order to restart production.

Some other measures of the plan also include the sale of LM’s shares in subsidiaries, separate some of the workshops as legal units, sell unused real estate property, end all sponsoring activities and rent the Liepaja Ice Hall to Liepaja City Council for a price of LVL 1 per year.

LM workers should expect job cuts. On the other hand, those who keep their positions will have their monthly salaries increased by LVL 59.

The future of LM depends on this plan. Its approval, however, will largely depend on Stemcor company. Without the approval of Stemcor this plan will remain a mere idea, says the head of the State Treasury Kaspars Abolins.

“Without an approval from Stemcor, it is unlikely that the plan will be accepted and implemented. If its does not satisfy Stemcor, there is a possibility that the plan will be declined,” – says Abolins.

Ref: 102.109.109.8638


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