The insolvent joint-stock company KVV Liepajas Metalurgs posted EUR 26.145 million in losses in 2016, while the company’s turnover amounted to EUR 14.163 million, writes LETA, according to Firmas.lv.
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In 2015, KVV Liepajas Metalurgs
turned over EUR 69.356 million and posted EUR 8.366 million in losses.
As reported, Liepajas Metalurgs metallurgical plant based in the Liepaja
port city in south-western Latvia was first declared insolvent after it failed
to repay a state-guaranteed loan to an Italian bank. The government sold the
plant to Ukrainian investors, KVV Group,
in late 2014. Liepajas Metalurgs was
renamed KVV Liepajas Metalurgs and
officially re-opened on March 6, 2015, but soon started having problems again.
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