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April 30, 2009 02:00 AM

Court declares Amtel-Vredestein bankrupt

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    ENSCHEDE, Netherlands (April 30, 2009)—A Dutch court has declared Amtel-Vredestein N.V. bankrupt.

    The District Court of Almelo, Netherlands, withdrew the Company's preliminary suspension of payments, declared the company bankrupt and appointed a bankruptcy trustee on April 29.

    Amtel-Vredestein is the holding company of Russian and European subsidiaries and has no operational activities. The firm said Vredestein Banden B.V. and its European subsidiaries remain a going concerns because of the separate financing arrangements it has in place.

    Apollo Tyres Ltd., however, plans to buy Dutch tire maker Vredestein Banden.

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