ENSCHEDE, Netherlands (April 30, 2009) — A Dutch court has declared Amtel-Vredestein N.V.—the holding company for the Dutch tire maker Vredestein Banden N.V. and Russian tire maker Amtel—bankrupt, following its agreement to sell Vredestein Banden to India's Apollo Tyres Ltd.
The District Court of Almelo, Netherlands, withdrew the company's preliminary suspension of payments this week and declared it bankrupt.
Amtel-Vredestein is the holding company of the firm's Russian and European subsidiaries and has no operational activities. The company confirms that Vredestein Banden B.V. and its European subsidiaries remain a going concern due to the separate financing arrangements it has in place.