A Latvian court on Friday ruled that metallurgical plant KVV Liepajas Metalurgs owned by Ukraine's KVV Group has been insolvent.

The decision on plant's insolvency was made by the local court in the western Latvian city of Liepaja where the plant is situated.

The insolvency case against KVV Liepajas Metalurgs started as two companies filed complaints to the court over the company's debts.

The total debts are tens of millions of euros. The biggest debt of 65 million euros (73 million U.S. dollars) is to the Latvian state which issued credit guarantees worth 100 million euros to the steelworks.

Ukraine's KVV Group acquired then-bankrupt Liepajas Metalurgs in 2014.

Source : XINHUA