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