Рейтинг@Mail.ru
RusEng

News

Amtel-Vredestein's 42.2 mln euro debt dispute to be heard on October 26

13:30 25/10/2011

MOSCOW, October 25 - RAPSI, Alyona Yegorova. A commercial court will hear on October 26 TIRE Invest's lawsuit against Holland's Amtel-Vredestein N.V. for 42.256 million euros, the court told the Russian Legal Information Agency (RAPSI).

Nomos-Bank was the initial plaintiff, but it assigned its claims to TYRE Invest last summer.

Earlier Nomos-Bank told the court that the defendant was being liquidated and requested to notify the liquidator of the hearing date.

In 2007, Nomos-Bank and the Amtel-Vredestein tire manufacturer entered into a loan agreement with a nine-percent annual interest set to mature in June 2009.
With a view to secure the loan, the bank concluded guarantee agreements with the borrower's subsidiaries, including Amtel-Vredestein N.V., then the holding's head company.

In addition, Amtel-Vredestein pledged its 275,000 shares in Amtel-Povolzhye worth $68.75 million as a security for the loan. Since Amtel-Vredestein failed to repay the loan in due time, the bank sued the borrower and its guarantors to recover the debt.

Claims to Amtel-Vredestein have been separated from the bank's lawsuit against it and its five subsidiaries.

Amtel is a leading tire manufacturer, which formerly comprised a tire factory in Holland and Russia's Amtel-Vredestein, and produced about 30 percent of the tires in Russia. Its Dutch division was acquired by Indias Apollo Tyres in May 2009.

Share thisE-mail this articlesubmit newsAdd to blogrss feed
Add to blog
To link to this material, copy the code to your blog.
Publishing code:
Preview:

Amtel-Vredestein's 42.2 mln euro debt dispute to be heard on October 26

13:30 25/10/2011 A commercial court will hear on October 26 TIRE Invest's lawsuit against Holland's Amtel-Vredestein N.V. for 42.256 million euros.
Forward news story

All fields are mandatory!

Submit news

All fields are mandatory!

Share this

Top news