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Wednesday 18.07.2018 | Name days: Rozālija, Roze
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Court launches legal protection of Liepajas osta LM

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Baltic news, News from Latvia, BNN.LV, BNN-NEWS.COM, BNN-NEWS.RUThis Tuesday, May 27th, Liepaja Court launched a legal protection procedure for Liepājas osta LM special economic zone.

‘We held multiple talks regarding the financial state of Liepājas osta LM and its ability to uphold its debt obligations, which appeared following the insolvency of Liepājas metalurgs. The legal protection process is necessary in order to complete a full restructuring of Liepājas ostas LM and find a common solution with creditors. A legal protection plan is an opportunity to perform a coordinated restructuring of the port and resolve the matter regarding the port’s debts. The port is capable of handling outstanding payments, but not debts,’ – the decision is commented by LM insolvency administrator Haralds Velmers.

Velmers adds that ‘selling of the port’s shares will be launched in the nearest future. It is important that Liepājas osta LM acquires a new owner as soon as possible, because only this will help plan out the attraction of new cargo shipments and improve money flow.’

‘A positive and major difference from the sale of Liepājas metalurgs will be the fact that the new owner will own 91.6% of the port’s shares. This will allow the owner to manage the company alone and help Liepājas osta LM fully recover its assets,’ – says the insolvency administrator.

On April 29th, Velmers sent LM creditors materials detailing the sale of LM properties. It is states in these materials that Liepājas osta LM is to be sold without an auction using a direct offer.

The sale of shares will be announced in at least one business newspaper and Latvian portal. Offers will be accepted within one month’s time-frame, as reported by Velmers.

‘Liepājas osta LM and Liepājas metalurgs are two different businesses. Considering the port’s complicated financial situation, a separate and complex approach is required to perform a full restructuring and subsequent sale. This will help resolve the matter regarding the function of Liepājas osta LM and sales matters regarding Liepājas metalurgs. It is easier to sell Liepājas osta LM without the production plant. The port’s critical situation will be resolved more quickly this way as well. The price of Liepājas metalurgs may be negatively impacted if the company is sold along with the port’s notable debt,’ – says Velmers.

‘When making the decision regarding the sale model of Liepājas osta LM, I acted as a salesperson and a representative of the port’s shareholder. Selling Liepājas osta LM in a direct offer will provide an opportunity to better assess potential buyers’ views on the future of the port. This does not exclude the possibility that a potential investor may be interested in investing in Liepājas osta LM and Liepājas metalurgs,‘ – added the insolvency administrator.

A newly-founded company SIA 50 dock will ensure access to the port’s services for Liepājas metalurgs. This is also an important part of the sale process. It stated in the sales plan that SIA 50 dock is to be sold along with LM production plant without an auction.

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