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

Other articles

  • globallogic hexacta
    News

    GlobalLogic Acquires Hexacta, an Innovative Digital Engineering Firm in Latin America

    Company Continues Strategic Expansion Adding New Service Capabilities, Talent, and Broadening Nearshore Footprint SAN JOSE, Calif.—January 5, 2023— GlobalLogic Inc., a Hitachi Group Company and Digital Engineering Leader, today announced the acquisition of Hexacta, a Pan-Latin-America digital and data engineering company. The acquisition is part of GlobalLogic’s continued strategy to expand its offerings, and its […]

  • globallogic healthtech 1
    News

    GlobalLogic engineers help create nearly 10% of the global medical device market

    Last year, the global medical device market reached $532.62 billion, according to Mordor Intelligence. Ukrainian engineers are involved in the projects of key players, which occupy almost 10% of the market. This share can be estimated at 50 billion US dollars*. Domestic specialists create more than a hundred software solutions of various levels. These include […]

  • 2779913
    News

    Twitter працює над відновленням відеосервісу Vine

    Новий власник Twitter Ілон Маск доручив інженерам попрацювати над перезавантаженням Vine, яке може бути готове до кінця нинішнього року. Про це повідомляє Axios. Зазначається, що інженерам компанії необхідно вивчити стару кодову базу відеосервісу, яка не змінювалася та не оновлювалася з моменту закриття, а саме з 2016 року, коли з’ясувалося, що майданчик не витримує конкуренції. Втім, одне з […]

  • picturepicture 156446930057951110266878 96171
    News

    CREDIT AGRICOLE TOPS THE SOCIAL RESPONSIBILITY RATING AMONG BANKS ACCORDING TO STANDARD-RATING

    Credit Agricole has been ranked first in the social responsibility rating of the banking sector, created by Standard-Rating based on the 2022 half-year results. The rating agency commended the bank’s contribution to the economy of Ukraine. The bank has paid UAH 100 million in taxes in advance, while issuing UAH 1.2 billion in loans under […]

  • impact automotive
    News

    How Ukrainian developers make impact on road safety

    From October 1, drivers must turn on the dipped headlights of the car outside the city. This helps to additionally mark the vehicle in conditions of low visibility within the autumn-winter period. GlobalLogic reminds about the importance of compliance with traffic rules and tells about the developments of Ukrainian engineers that affect road safety. In […]

  • 750x450 press release image ua
    News

    Intellias completes acquisition of Digitally Inspired, strengthening expertise in the Retail and eСommerce industry

    Intellias, a global software engineering and digital consulting company, has announced the completion of its acquisition of Digitally Inspired, a fast growing, UK based peer, focusing on the Retail and eCommerce industry. “I am delighted to welcome the Digitally Inspired team to Intellias. It is symbolic that Intellias’ twentieth anniversary coincided with signing an agreement […]

  • shutterstock 1920327596
    News

    3×4, a recently-founded Ukrainian Web3 fundraising platform, launches its first campaign

    3×4, a Web3 fundraising platform for non-profits, has been launched in Ukraine to bring innovative crypto & NFT fundraising to the rising number of social impact causes. 3×4 helps non-profit organizations to fundraise utilizing NFTs in collaborations with artists and brands while providing donors utility, revenue and transparency. The idea of 3×4 was born in […]

  • 632595f853279441907151 730x410
    News

    The September, 29 will take place the international investment forum REBUILDING UKRAINE WITH THE PRIVATE SECTOR: International Investment Fair

    In order to present existing opportunities and draw attention of the international business community, UkraineInvest organizes an international forum with the participation of leading business representatives and expert environment of Ukraine and the world. The need to rebuild Ukraine creates a variety of attractive investment projects aimed at contributing to shaping a new economy of […]

Read also

Ukrainian investor put in dead storage the plant in the EU
News

Malaysian company seriously interested in the airports of Ukraine

Malaysian companies can become participants in the management of the airports of Ukraine, Najib Razak (Najib Tun Razak) said Malaysian Prime Minister after talks with President of Ukraine Petro Poroshenko at a joint news conference in Malaysia. Julia Kovalev, First Deputy Minister of Economic Development and Trade of Ukraine explained, that here is we are […]

Next
Ukrainian investor put in dead storage the plant in the EU
News

The Agricultural company “Volyn-Grain-product” has invested in the construction of the seed plant

The Agricultural company “Volyn-Grain-Produkt” built a seed plant for the production of the soybean seeds, peas, wheat and barley. The official opening of the company is planned this year. This was said to the Latifundist.com by the founder of the company,  Evgenyi Dudka. According to him, the company has tentatively made for themselves the  soybean […]

Next
Ukrainian investor put in dead storage the plant in the EU
News

Lyft announces a resumption of travel and expects profits by the end of 2021

Shares of Lyft, which fell 16.2% since the beginning of the year but jumped 37.4% over the past week, rose 5.8% amid investor reaction to the company’s quarterly report. Lyft reported a loss for the third quarter (ended September 30) at $ 1.46, which is worse than analysts’ forecasts at – $ 0.91 loss per […]

Next
Ukrainian investor put in dead storage the plant in the EU
News

“Biscuit-Chocolate” invested € 8 million in the development of production capacity

Confectionery Corporation “Biscuit-Chocolate” has invested € 8 million in the development of the production capacity in 2015. This is stated in the report of the corporation. According to the President of the corporation Alla Kovalenko, investments were directed including the introduction of new technologies, enabling enterprises to manufacture products that are still not produced in […]

Next
Ukrainian investor put in dead storage the plant in the EU
News

The head of Pfizer did not get to Israel because he was not vaccinated against the coronavirus

Pfizer CEO Albert Burla has postponed a visit to Israel because he has not yet been fully vaccinated against COVID-19. Burla himself and members of the delegation have not yet received a second dose of the vaccine. The Pfizer spokesman stressed that they are still interested in visiting Israel. Now the visit can be postponed […]

Next
Ukrainian investor put in dead storage the plant in the EU
News

LG has completely stopped producing smartphones

The electronics company LG has completely stopped producing smartphones. The latest gadgets of this brand are Velvet 2 Pro and LG Rollable. These smartphones never hit the free market. And the rest of the models LG sells to its employees working in South Korea. By the way, the only factory that specialized in the manufacture […]

Next
Ukrainian investor put in dead storage the plant in the EU
News

McDonald’s sells almost all of its business in China

According to one of the leading US companies – financial information provider Bloomberg L.P., McDonald’s Corporation already has a large share of potential buyers (80%) of Chinese fast food restaurants. The future owner of the assets turned out a syndicate Citic and Carlyle Group companies, which will buy a controlling stake shares of McDonald’s business […]

Next
Ukrainian investor put in dead storage the plant in the EU
News

Huge corruption scandal in the biggest Brazilian investment bank BTG Pactual Group

Last week, on Wednesday, November 25, 2015 Andre Esteves, the founder of the Brazilian investment bank BTG Pactual, was taken into custody in the framework of an extensive investigation of bribery. It is known that large Brazilian construction firms are involved  into the scandal and another defendant is a state oil company Petroleo Brasileiro SA. […]

Next
Ukrainian investor put in dead storage the plant in the EU
News

The largest coffee manufacturer Strauss Group has opened a distribution center in Kyiv

The international company Strauss Group is one of the largest coffee manufacturers in the world. They put into operation a warehouse and distribution center on the street in the third quarter of 2020. It’s located on Novopyrohivska str, 56a in the Holosiivskyi district of Kyiv. “An innovative distribution center opened in Ukraine in the third […]

Next
Ukrainian investor put in dead storage the plant in the EU
News

Eurobonds of Ukrzaliznytsia are the most highly profitable investment in 2015

The Bloomberg  News agency estimated the yield a wide range of assets in 2015, ranging from currencies and stock indexes, to commodities and junk bonds. It is in the segment of junk bonds (junk, high-yield bonds) determined the most profitable asset last year – Eurobonds of Ukrzaliznytsia with maturing in May 2018. Investments in this […]

Next
Ukrainian investor put in dead storage the plant in the EU
News

Ukraine has assessed the potential for hydrogen production

Ukraine can produce an average of about 5.5 billion cubic meters of “green” hydrogen annually. This was announced on Monday, March 29, by the State Agency for Energy Efficiency. Experts of the United Nations Economic Commission for Europe with the support of the Ministry of Energy and the State Agency conducted studies of the potential […]

Next
Ukrainian investor put in dead storage the plant in the EU
News

Anti-Corruption Bureau was denied in verification of “Ukrnafta”

Solomenskiy district court of Kiev refused to Ukraine’s National Anti-Corruption Bureau (NAB) to verify the business activities of  the “Ukrnafta” Ukrainian gas company in a criminal case. This is stated in the court decision, that was posted in the Unified Register of judgments. As follows from the materials of the  case provided to the court, […]

Next
2779913
News

Twitter працює над відновленням відеосервісу Vine

Новий власник Twitter Ілон Маск доручив інженерам попрацювати над перезавантаженням Vine, яке може бути готове до кінця нинішнього року. Про це повідомляє Axios. Зазначається, що інженерам компанії необхідно вивчити стару кодову базу відеосервісу, яка не змінювалася та не оновлювалася з моменту закриття, а саме з 2016 року, коли з’ясувалося, що майданчик не витримує конкуренції. Втім, одне з […]

Next
Ukrainian investor put in dead storage the plant in the EU
News

C-level executives of Yahoo plan to sell the business

This week the board of directors of one of the world’s largest US Company Yahoo will hold a series of meetings that will be devoted to the sale of the business, – The Wall Street Journal writes at December 2, 2015. According to the management, the company is weakening and it is very difficult  to […]

Next
Ukrainian investor put in dead storage the plant in the EU
News

Ukraine sold agricultural products for $ 17.6 billion

In January-October 2020, Ukraine reduced exports of agricultural products by 1.7% compared to the same period last year. According to the Ukrainian Club of Agrarian Business Association exports were reduced exactly to $ 17.6 billion. According to this data, imports of agricultural products for the reporting period increased by 14.4% to $ 5.1 billion. Thus, […]

Next
Ukrainian investor put in dead storage the plant in the EU
News

Antimonopoly Committee of Ukraine has approved a deal to merge domestic producer “Farmak” with the Polish company KWW Kotkowski

The Antimonopoly Committee of Ukraine allowed domestic pharmaceutical manufacturer “Farmak” to buy a Polish pharmaceutical company KWW Kotkowski Wierzbicki W?grzyn sp.j. “PJSC “Farmak” (Kiev) received the permission for indirect [through the company “Farmak Invest Limited” (Nicosia, Cyprus)] acquisition of shares in the authorized capital of the company “KWW Kotkowski Wierzbicki W?grzyn sp.j.”, which provides excess […]

Next