On insolvency proceedings
With the decision of the Kurzeme District Court from August 09th, 2018 was announced an insolvency proceedings of AS „Tosmares kuģubūvētava”, hereinafter referred to as the Company, and certified insolvency administrator Ivars Meļķis, certificate No.00448, was appointed as the administrator of insolvency proceedings of the Company.
During the insolvency proceedings the creditors of the Company have submitted claims total in the amount of EUR 3 897 549.39, where the claims of the secured creditors are in the amount of EUR 478 815.43, while the claims of unsecured creditors are in the amount of EUR 3 409 733.96. The claims submitted by the creditors are approved in full amount.
On October 04th, 2018, a creditors meeting was held, where the agenda included one question regarding the approval of insolvency proceedings expenses as reasonable. The creditors’ meeting approved the insolvency proceedings expenses of the Company as reasonable.
On the moment of announcement of the insolvency proceedings the Company employed approximately 160 employees. During the insolvency proceedings, with intention to reduce the maintenance costs and administrative expenditure of the Company, the employment legal relationships with employees carrying out economic activity of the Company has been terminated. Currently, the Company employs only 20 employees who provide security and docks’ maintenance functions, as well as accounting and personnel specialists’ duties, accomplishing procedures in relation to dismissed workers and preparation of documents for submission to the guarantee fund for employees’ claims.
Currently, the economic activity of the Company is carried out to a limited extent, which based on the rental of assets owned by the Company to cover at least partially costs of the insolvency proceedings and to settle with a service providers for the supplied electricity, but the economic activity related to the ships repair and building are not carried out. At the same time the administrator of the Company does not exclude the possibility that the Company’s economic activity could be re–established if existing employees will receive not only current, but also future orders for ship repair and building projects, and they will be completed, but the administrator’s estimates for such a scenario are very negligible.
The administrator of the Company draws attention that no proposal for the initiation of the legal protection proceedings has been received during the insolvency proceedings.
Considering that the current economic activity of the Company and its financial situation does not meet the criteria of a commercial company whose shares are listed with the Nasdaq Riga AS and put into public circulation, and the exclusion of the Company’s shares from the regulated market would reduce the cost of the insolvency proceedings, the administrator of the Company requested Nasdaq Riga AS to exclude the shares of the Company from the regulated market.
Insolvency administrator
Ivars Meļķis
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