Riga, March 24 (LETA) - The insolvency proceeding of KVV Liepajas Metalurgs metalworking company has been completed, according to the information of the Insolvency Register.

The proceeding has been completed because the plan for covering creditors' claims has been fulfilled.

KVV Liepajas Metalurgs was declared insolvent in September 2016.

The entire area of approximately 120 hectares of Liepajas Metalurgs is owned by the Liepajas Special Economic Zone (SEZ) and the municipality, which in August 2018 signed a letter of intent with the Economics Ministry and the Latvian Investment and Development Agency (LIAA) to develop the industrial park.

KVV Liepajas Metalurgs' losses in 2023 amounted to EUR 615,447, according to Firmas.lv.

The company's insolvency administrator Argita Jaunsleine stated in the 2023 management report that creditors' claims will not be covered in full. It was planned to complete the disposal of the company's assets in 2024, thus completing the insolvency proceedings and liquidating the company.

KVV Liepajas Metalurgs was established 2014 with a share capital of EUR 20.5 million. In October 2014, the Ukrainian holding company KVV Group signed a sale and purchase agreement with the Latvian state to acquire the insolvent company Liepajas Metalurgs. Since November 2024, the company has been owned by Cyprus-based Husluck Finance Limited.