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Court orders Amtel-Vredestein to pay 42.2 mln euro debt to TIRE Invest

11:47 10/11/2011

MOSCOW, November 10 - RAPSI, Natalya Belova. A commercial court satisfied TIRE Invest's lawsuit to recover 42.256 million euros from Holland's Amtel-Vredestein N.V., the court told the Russian Legal Information Agency (RAPSI) on Thursday.

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

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

Nomos-Bank earlier told the court that the defendant was undergoing winding-up proceedings and requested to notify the bankruptcy administrator of the hearing date. Amtel did not attend the hearing, though it was duly notified. TIRE Invest supported its claim to recover the entire amount.

In 2007, Nomos-Bank and the Amtel-Vredestein 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.

Since Amtel-Vredestein failed to repay the loan in due time, the bank filed a lawsuit against the borrower and its guarantors.

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

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Court orders Amtel-Vredestein to pay 42.2 mln euro debt to TIRE Invest

11:47 10/11/2011 A commercial court satisfied TIRE Invest's lawsuit to recover 42.256 million euros from Holland's Amtel-Vredestein N.V.
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