By Oliver Hall
Official confirmation has been given that the Russian tyres manufacturer Amtel-Vredestein filed for insolvency on 3rd June with the Moscow Arbitraion Court.
The collapsed company states that this was carried out in according with the requirements of Russian federal law and Amtel-Vredestein has requested the granting of a monitoring period in line with insolvency laws.
Upon formally announcing the filing for insolvency, the tyre manufacturer stated that, “given the deteriorating position of the company and increasing number of creditors’ claims to repay debt or foreclose on the company’s mortgaged assets, this action is necessary and unavoidable.”
Established court procedure, added Amtel-Vredestein, will see the appointment of an administrator who will run the monitoring procedure for the company, according to leading trade magazine, Tyres and Accessories.
Amtel-Vredestein confirms its commitment to continue its “usual course of business” while being monitored.
This includes continuing its current obligations and engagements with employees, suppliers and customers.
In an official statement the company says that its management is “seeking to find optimal solution in the best interests of creditors and employees either through an amicable agreement with creditors or otherwise.”