By On the AS "Latvijas Kr?jbanka" insolvency solution
[2012-01-24]
On January 23, the Financial and Capital Market Commission
(hereinafter - the Commission) received a solution for the
AS "Latvijas Kr?jbanka" (hereinafter - the Bank)
insolvency submitted by the Bank's insolvency
administrator SIA "KPMG Baltics" (hereinafter -
KPMG).
In the insolvency solution submitted to the Commission,
KPMG requests seven more days to continue negotiations with
potential investors and review in detail restructuring
proposals received in the last days to make certain of
their economic rationale and advantage for the Bank's
creditors. KPMG received the last restructuring proposal on
January 23 at 13:45.
In case within the seven days none of the received
proposals is admitted suitable by the administrator, KPMG
will propose the Bank's bankruptcy as a suitable insolvency
solution.
The Commission has started review of the insolvency
solution submitted on January 23 and within 30 days, i.e.
no later than February 22, will decide either on
confirmation or rejection of solution, taking into account
the possible specifications made by KPMG.
As soon as the decision regarding confirmation or rejection
of solution is taken, the Commission will communicate its
decision promptly.
When assessing the insolvency solution submitted by KPMG,
in order to attract additional experience in
decision-making, listen to various opinions and meet the
interests of Bank's creditors as much as possible, the
Commission has entered into an agreement with SIA
"PricewaterhouseCoopers" on provision of
consultations and professional assistance. Upon the
Commission's request, SIA
"PricewaterhouseCoopers" will also provide any
other kind of consultations regarding the Bank's
insolvency procedure.
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