RIGA, Dec. 17 (Xinhua) — A lawsuit has been filed against Latvia’s KVV Liepajas Metalurgs steelmaker in which the plaintiff asks court to declare the company insolvent over an outstanding six-figure debt.
Information on the website of the Latvian Insolvency Administration shows that the city court in the southwestern Latvian city of Liepaja is scheduled to hear the case on Dec. 29.
The insolvency lawsuit has been filed by Elme Messer Metalurgs, an Estonian-owned producer of industrial gases which has been supplying oxygen to KVV Liepajas Metalurgs.
Elme Messer Metalurgs claims KVV Liepajas Metalurgs failed to pay for the oxygen and has run a six-figure debt to the supplier.
The legal action is worrying the Latvian government as KVV…
Read the full article at: http://www.globalpost.com/article/6707330/2015/12/17/latvian-steel-company-faces-six-figure-insolvency-lawsuit
