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Wednesday 18.07.2018 | Name days: Rozālija, Roze
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Contract on the sale of Liepājas metalurgs to be signed this week

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Baltic news, News from Latvia, BNN.LV, BNN-NEWS.COM, BNN-NEWS.RU«After long and complicated work with the now insolvent Liepājas metalurgs, I can now announce that the signing of the contract in regard to its sale will be signed with investors this week,» – says Latvian Finance Minister Andris Vilks.

«We have not moved a single step from our previous commitments – investors are expected to restore LM’s activities this year. They are also expected to prove their ability to secure long-term activity. This is good news to LM’s employees, Liepaja and the whole country, knowing that one of the largest Latvian factories will soon become active again,» – says the Finance Minister.

During this Tuesday’s meeting, the government was informed of the agreement that was reached by creditors in regard to the division of funds that were gained from the sale of LM.

It has been decided that LM insolvency administrator Haralds Velmers will sign the sale contract with the chosen investor this Thursday, October 2nd. With that, it can be said that work with the sale of LM has been successfully concluded.

According to the investor’s promise to make LM functional again this year, it is panned to employ residents of Liepaja, which is very important for the city and the country’s economy as a whole, as reported by Finance Ministry.

Current estimates suggest the state could recover the funds that were invested in LM from the state budget. On top of that, the first return payment is expected to cover the investments into the company’s sustenance after it went bankrupt. Other pledges are also planned to be realized. For example, the State Treasury has received EUR 768,000 from the realization of the medical-sanitary department.

The investor has paid EUR 1 million as proof of serious intentions. After the completion of the sale, all further payments will be divided into ten years – with annual payments of EUR 9 million each.

Ref: 102.109.109.5992


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