Amtel-Vredestein’s Russian unit recommends bankruptcy

ERJ staff report (DS)

Moscow — A meeting of shareholders in Amtel-Vredestein OJSC has recommended to management that they declare the company bankrupt. Amtel-Vredestein OJSC is the Russian daughter company of the troubled Russian-Dutch tyre maker, Amtel-Vredestein NV.

The meeting took place in Moscow on Friday, but the management has not yet made any comment on the suggestion.

AV NV has been granted suspension of payments by the Dutch Court and is currently being supervised by the appointed administrator.

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