Latvian Shipping Company Selling Non-Core Assets

The solvency of LLC LASCO Investment, a subsidiary of JSC Latvian Shipping Company, has been fully restored after a decision of the Riga City Vidzeme Suburb Court on Monday, August 24.

The decision was made following the settlement among company’s creditors and will enable the shipping company to resume to sale of its non-core assets.

“Latvian Shipping Company will continue the disposal of non-core assets to help meet financial obligations and maintain its focus on its core business. LASCO Investment will therefore look to sell its property portfolio,” notes Chairman of the Board of JSC Latvian Shipping Company, Robert Kirkup.

LLC LASCO Investment is a company holding and managing the real estate owned by the Latvian Shipping Company. The real estate portfolio consists of the Publishing House building, recreation centre Liejastiezumi, hotel Rigas Licis, Ventspils Business Centre and others.

On August 3, 2015, the activity of the board of LLC LASCO Investment was restored and Robert Kirkup was appointed chairman of the board for a three-year term.

Latvian Shipping Company manages a fleet of 20 medium and handy size tankers, employing more than 500 seamen from Latvia. The average age of the LASCO fleet is 8 years.

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