OREANDA-NEWS. On Monday, August 24, the Riga City Vidzeme Suburb Court decided to restore fully the solvency of LLC “LASCO Investment” – subsidiary of JSC “Latvian Shipping Company”. The decision was made following the settlement among company’s creditors.

“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” and LLC “LASCO Investment” Robert Kirkup.

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

As reported before, on August 3, 2015, the activity of the Board of LLC “LASCO Investment” was restored. Robert Kirkup was appointed Chairman of the Board for a three-year term, but Girts Apsitis was elected the only Member of the Board.

About JSC “Latvian Shipping Company”

JSC “Latvian Shipping Company” (NASDAQ OMX RIGA: LSC1R) is among the biggest vessel owners in the segment of medium and handy size tankers and takes leading positions in terms of the transported amount of petroleum products among similar companies in Northern Europe. The company owns 16 modern vessels employing more than 500 professional and high-skilled seamen from Latvia. Besides, it is technically serving four more vessels, thus managing a fleet of 20 vessels. The average age of the LASCO fleet is 8 years. All of the vessels have received ISM (International Safety Management) certificates.