Off the wire
• Preparations for upcoming annual high-level debate underway at UN Headquarters  • Roundup: Flaring day of Israeli-Palestinian violence leaves 3 Palestinians killed  • U.S. consumer sentiment unchanged in early September  • Sierra Leone to reintroduce death penalty as violent crimes spike  • Oil prices slip on supply glut, strong dollar  • Macedonia, Serbia vow to strengthen friendship  • Gold down on U.S. inflation data  • UN chief travelling to Canada for global fund conference  • European toxic fuels sold to Africa: report  • U.S. dollar rises on upbeat inflation data  
You are here: 　 Home

Latvian court rules metallurgical plant KVV Liepajas Metalurgs insolvent

Xinhua, September 17, 2016 Adjust font size:

A Latvian court on Friday ruled that metallurgical plant KVV Liepajas Metalurgs owned by Ukraine's KVV Group has been insolvent.

The decision on plant's insolvency was made by the local court in the western Latvian city of Liepaja where the plant is situated.

The insolvency case against KVV Liepajas Metalurgs started as two companies filed complaints to the court over the company's debts.

The total debts are tens of millions of euros. The biggest debt of 65 million euros (73 million U.S. dollars) is to the Latvian state which issued credit guarantees worth 100 million euros to the steelworks.

Ukraine's KVV Group acquired then-bankrupt Liepajas Metalurgs in 2014. (1 euro = 1.12 U.S. dollars) Endit