Liepajas metalurgs
Comments on news published by mass media on 19.08.2013.
Liepajas metalurgs 09.09.2013 16:10 Dissemination of a Adhoc News, transmitted by DGAP - a company of EQS Group AG. The issuer is solely responsible for the content of this announcement. --------------------------------------------------------------------------- Liepaja, 2013-09-09 16:10 CEST (GLOBE NEWSWIRE) -- According to judgement of the court of Liepaja the application for introduction of legal safeguard procedure of Joint Stock Company LiepÄjas metalurgs shall be handled per se in written procedure on 10.09.2013. Commenting on the news earlier published by mass media, for instance, news announced by national news agency LETA on 19.08.2013 at 15:10, Joint Stock Company LiepÄjas metalurgs reconfirms, that on 26.08.2013 the plan of measures of legal safeguard procedure was submitted to the court of Liepaja for approval. Moreover, please note, that actually it is a business plan for restarting the activities of Joint Stock Company LiepÄjas metalurgs in September. The plan contains restructuring principles and acquisitions, investments needed from investors and/or creditors for restarting the activities. It thoroughly and substantially reveals the production and sales volumes, selling prices, costs of raw materials, including scrap, electricity and mandatory procurement component (MPC). Management and employees of Joint Stock Company LiepÄjas metalurgs can influence the production volumes and the production costs, while they are not influenced by MPC, electricity and gas price determination politics. Plan of measures of legal safeguard procedure provides for that the MPC will remain on the current level. Proposal to get free of the parts in daughter companies was valid on 19.08.2013: it would result in once-off profit during provision of legal safeguard procedure amounting to several mio. LVL. These investments were possible in the 'good' years, however are to be rejected under the present conditions. It concerns also sports, sport infrastructure, that will be needed to transfer to the local municipality. Rejection from the sport would enable the Joint Stock Company LiepÄjas metalurgs to annually save approximately 1.3 mil. LVL. LÄ«ga Å enfelde Assistant to the Chief Economist 63455926, shenfelde@metalurgs.lv News Source: NASDAQ OMX 09.09.2013 DGAP's Distribution Services include Regulatory Announcements, Financial/Corporate News and Press Releases. Media archive at www.dgap-medientreff.de and www.dgap.de --------------------------------------------------------------------------- Language: English Company: Liepajas metalurgs Latvia Phone: Fax: E-mail: Internet: ISIN: LV0000100535 WKN: End of Announcement DGAP News-Service ---------------------------------------------------------------------------
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