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"Liepajas metalurgs" shareholders must invest LVL 25 million to receive state support

 RIGA, April 16 - For the financially-troubled metallurgical company "Liepajas metalurgs" (LM) to receive state support, its shareholders must invest LVL 25 million in stabilizing the company's operations and make interest payments to the Italian bank "UniCredit S.p.A", Economy Minister Daniels Pavluts told reporters today.

As reported, LM management and shareholders have been set five preconditions that must be fulfilled for the company to receive state support, LM council chairman and largest shareholder Sergejs Zaharjins explained after the government's session today.

Zaharjins did not reveal these preconditions, but added they are related to reducing the company's expenses, etc. Tomorrow, he will meet with the club of LM creditors, discussing the required measures in detail.

LETA also reported, today, the government listened to "Prudentia" and the Economy Ministry's report on the current situation at the company.
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