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.