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"Liepajas metalurgs" creditors hire "Prudentia" as financial consultant

RIGA, April 4 - "Liepajas metalurgs" creditors have agreed to hire consulting company "Prudentia" to seek solutions to the company's financial problems, the Finance Ministry's spokesman Aleksis Jarockis informed "Nozare.lv".

"Prudentia" partner Girts Rungainis, however, declined to comment.

According to "Ernst&Young" audit report on "Liepajas metalurgs" finances obtained by "Nozare.lv", the company's largest creditors - "Citadele banka", "SEB banka" and "Latvenergo", as well as the state, as a potential creditor, met on March 21, reaching an agreement on hiring a professional financial consultant.

According to the agreement, "Liepajas metalurgs" creditors agree to attract a consultant to come up with potential scenarios for the company's operations in cooperation with its largest shareholders and creditors, analyze their impact on creditor claims and assess the required amount of restructuring measures to ensure the company's operations in the long run and develop a long-term plan for the company's recovery.

Initial solutions will be submitted to the Cabinet of Ministers by April 16.

Girts Rungainis. Photo: LETA.
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