As aforementioned, a Commercial Pledge Agreement related to the guarantee on the loan obtained for financing of the JSC Liepajas Metalurgs modernization project was signed between the JSC Liepajas Metalurgs and the Ministry of  Finance of the Republic of Latvia on 30th December 2009.

A renewal of the Commercial Pledge was registered on 4th October 2011 for the total sum of the secured claim amounting to LVL 72.19 mio.

By this renewal of Commercial Pledge, the registration of the last part of Pledge on the new equipment was performed in favor of the Ministry of Finance of the Republic of Latvia as the guarantor of financing for the modernization project.

         Līga Šenfelde
         Assistant of the Chief Economist
         T.: 63455926, shenfelde@metalurgs.lv