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Wednesday 20.03.2019 | Name days: Made, Irbe
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British Steels wants to purchase all of KVV Liepājas metalurgs assets

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Baltic news, News from Latvia, BNN.LV, BNN-NEWS.COM, BNN-NEWS.RUIn a letter sent to KVV Liepājas metalurgs administrator Vita Dika, Privatization Agency’s subsidiary FeLM board member Jānis Rībens and CItadele Bank on 17 April, the consortium, which includes companies like British Steel, Greybull Capital and Estonian company Baltic Metal Holding, affirmed its interest in purchasing all assets of the insolvent company.

According to available information, British Steel Consortium had first voiced its interest in February. In a letter sent to officials supervising KVV Liepājas metalurgs, British Steel mentioned that restoration of the company’s operations would require replacing existing rolling mill. The company also declared it is prepared to invest 60 to 70 million euros into procurement of new equipment.

It is mentioned in the letter that British Steel is prepared to sign a memorandum of intent with the current owners of KVV Liepājas metalurgs on the purchase of the company’s assets.

British Steel also asked the insolvency administrator to cancel all ongoing and planned auctions to preserve assets as a single whole.

Once all involved sides have signed the document, British Steel Consortium will be ready to pay a deposit to prove its intention to buy the company.

KVV Liepājas metalurgs insolvency administrator Dika refused to answer questions about the letter from British Steel.

London-based investment company Greybull Capital was founded in 2008. It operates with long-term investments in private companies. This company specializes in so-called rescue deals. Its investment portfolio includes energy, technologies, retail trade, industrial, and production sections.

Greybull Capital has purchased companies like Tata Steel UK steel mill in Scunthorpe, as well as two factories in Teesside. The steel mill in Scunthorpe, previously known as Tata Long Products Europe, has been renamed British Steel.

The auction for the sale of the insolvent KVV Liepājas metalurgs rolling mill equipment concluded with the victory of Austrian Smart Stahl GmbH, as confirmed by insolvency administrator Guntars Koris.

The Austrian company won the auction with its price – EUR 1.57 million (without VAT) or EUR 1.9 million (with VAT). Smart Stahl GmbH is expected to transfer funds on Wednesday, 21 March.

The auction held on 28 March for the sale of KVV Liepājas metalurgs’ electric ironmongery and movable assets was declared failed because not a single contender applied for participation. The price of assets on offer was set at EUR 5.35 million.

The auction for the sale of KVV Liepājas metalurgs’ owned real estate property concluded at the end of March. The property on Brīvības iela 100B was auctioned for EUR 82,000 and the property on Brīvības iela 96A was auctioned for EUR 116,000.

KVV Liepājas metalurgs was declared insolvent in September 2016.


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