Financial Services, Latvia, Legislation, Markets and Companies, Metals Market, Port, Transport

Speaking in sports terms, the government gave stoppage time to the company's shareholders, during which they could do everything they could to attract an investor and rescue the company, but they failed, said Sesks.

Sesks lauded the goals of Liepajas metalurgs legal protection administrator Haralds Velmers – to keep the factory as a whole and pass it on to an investor who will be able to invest the required assets – as being in line with those of Latvia and Liepaja.

The mayor also pointed out that it would be best for Liepajas osta LM to stay with its parent company.

As reported, the faltering metallurgical giant Liepajas metalurgs will next be undergoing examination by a court of law as its legal protection process administrator Haralds Velmers filed a petition for insolvency yesterday.

The Liepaja court will have two weeks time to review the matter, and if Liepajas metalurgs is designated insolvent, it will be placed under Velmers' 100 percent supervision, eventually leading to a deed of sale (in six months following the court's ruling).

Velmers told the Nozare.lv portal yesterday after filing the petition that the insolvency designation will "open new opportunities for the company itself, and – in the long run – a majority of its employees."

He admitted that preparing the company for sale will not be an easy process.