OREANDA-NEWS. January 27, 2012. The Financial and Capital Market Commission (hereinafter – the Commission) received a solution for the AS "Latvijas Krajbanka" (hereinafter – the Bank) insolvency submitted by the Bank's insolvency administrator SIA "KPMG Baltics" (hereinafter – KPMG), reported the press-centre of Latvijas Krajbanka.

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.