Ukrainian investor put in dead storage the plant in the EU

Ukrainian investor put in dead storage the plant in the EU

23.03.2016 News

Ukrainian investor put in dead storage the plant in the EUThe Ukrainian “KVV group” put in dead storage its  Liepajas KVV metalurgs plant in Latvia because of the crisis in the steel industry and the failure of the negotiations with the Latvian government.

“The management  of the ” KVV group”  forced to take this decision in view of the continuing long-term negative factors, that impede the work of the enterprise: the crisis that engulfed the global steel market, the debt liabilities to creditors, and disinterest of the state to support the industry”, – said the press-secretary of the Ukrainian Group Natalia Napadovskaya to  the BNS agency.

According to her, during the last months the company’s shareholders tried to resume production, to find a constructive dialogue with the Government and presented a plan for debts’ restructuring.

March, 1 KVV Liepajas metalurgs presented to the State Treasury of Latvia a restructuring plan which government had demanded in early February. The plan proposes a new schedule of payment of the plant’s debts at a rate of 70 million euros and options for the restructuring of the non-core assets.

Early this week the Finance Minister Dana Reizniece-Ozola said that the plan of the KVV Liepajas metalurgs does not reflect the interests of the state, does not indicate a willingness to long-term activities, “it is rather a list of the needs of individual shareholders.”

The management of the “KVV group” earlier said about the “formality” of the Latvian state to the problems of the plant in Liepaja.

“In 2016, the company did not receive any support from the state and it came under the cosh: the default announced by the creditors on January 19, the withdrawal of money on January 21 with a bank guarantee in the amount of over 13 million euros, the freezing of funds of 300 thousand euros negatively impacted the state of the current assets of the enterprise and its image”, – noted the Ukrainian group.

The financial problems of the Liepajas Metalurgs appeared in January 2013. In July of the same year the government repaid the loan of the plant in the amount of  67.4 million euros to the Italian UniCredit and became the beneficial owner of the idle establishment. In the autumn 2014 was found a new investor – the Ukrainian “KVV group” that  obliged to pay for 10 years a total amount of 107 million euros. The production was resumed in February 2015, but after a few months there have been reports about the new challenges of the enterprise, including those that associated with high energy tariffs. In 2015, losses of the Liepajas Metalurgs KVV exceeded 8 million euro.

“KVV group” carries out activities in preparation of scrap metal, the founders are Valery Krištáľ and Eugene Kazmin.

Source: delo.ua

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