Steelworks administrator flunks exam, has license pulled

The endless trials and tragic tribulations of Liepāja's shuttered KVV Liepajas Metalurgs steelworks are continuing with news that the insolvency administrator supposed to be taking care of the company's assets has lost his license after flunking a re-certification exam, the LETA news agency reported March 9.

Guntars Koris told LETA that he lost his license on March 1 because of a failure to pass the re-certification exam.

“I will carry on with my duties until the Liepaja court appoints a new insolvency administrator,” Koris said.

Asked what will happen with already announced auctions of KVV Liepajas Metalurgs assets, Koris said that none of these auctions has been cancelled. What his successor will do, he could not tell, though.

As previously reported, the assets of Latvia’s insolvent steel company KVV Liepajas Metalurgs will be auctioned off in accordance with a decision taken by insolvency administrator Koris.

The insolvency administrator’s spokesman Dzintars Hmielevskis told LETA earlier that the decision has been taken because none of the company’s potential investors had met the requirements set by the company’s secured creditors or provided the required guarantees that would prove their ability to acquire KVV Liepajas Metalurgs in one piece and relaunch its operations.

KVV Liepajas Metalurgs was declared insolvent in September 2016 following an unconvincing attempt to re-start production under the ownership of Ukrainian scrap metal dealers. It was once a major employer in Latvia's third-largest city.

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