MOSCOW (June 9, 2009)—OJSC Amtel-Vredestein said it has officially filed for bankruptcy.
Amtel-Vredestein filed a petition of bankruptcy June 3 with the Moscow Arbitration Court and a monitoring period in line with the Article 62 of the federal law on insolvency.
The company said that because of the deteriorating position of the company and increasing number of creditors' claims to repay debt or foreclose on its mortgaged assets, this action is necessary and unavoidable.
According to the established procedure, the court is expected to appoint an administrator who would run the monitoring procedure for the Amtel-Vredestein.
The company said it will in the meantime carry on as normal. Management said it is seeking to find optimal solution in the best interest of creditors and employees.