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Ceturtdiena 19.10.2017 | Name days: Drosma, Drosmis, Elīna
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Main production plant of Liepājas metalurgs is planned to be sold for 112.3 million

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Baltic news, News from Latvia, BNN.LV, BNN-NEWS.COM, BNN-NEWS.RULiepājas metalurgs insolvency process administrator Haralds Velmers has presented the company’s creditors the company’s sale plan for review.

Velmers has included plans to sell the main production plant of LM as part of an international tender to reach qualified buyers and to ensure maximum benefit from the sale. This process will be launched only after an official reply has been received from creditors stating that they agree with the plan. If a reply is not received within one week’s time, Velmers will remodel the plan.

‘By selling LM’s main production plant in an international tender, we have an opportunity to offer up the company for byers outside of Latvia and perform a full evaluation of potential buyers. It would not be possible by announcing an auction, which would not provide us with an appropriate selling price and buyers with good reputation,’ – as explained by Velmers.

Investors will be obligated to state information in their application regarding the reasons why they wish to by LM, their offer, availability of financial resources assessment of worth of the plant and other information necessary to seal the deal. The main factors by which investors will be evaluated include price, conditions of the transaction and the investor’s ability to see through the procurement process to the end.

Other assets of LM that are not related to production will be sold in a variety of different ways. Real estate property is planned to be sold on auction. Vehicles will be sold without auction, and for the highest offers.

Plans regarding unencumbered shares and shares of AS Liepājas osta LM are still in development. After analysing previously proposed offers, it was concluded that it is important for potential buyers to have access to the seaport and docks, so that there are no problems with transport of ram materials and manufactured products. This is why the administrator is busy searching for solutions to make LM as attractive as possible for potential investors, keeping in mind the option to sell AS Liepājas osta LM separately.

Ref: 102.109.109.5733


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