Russian court demands payment of euro 42m in Amtel breakup row - report

ERJ staff report (DS)

Moscow -- A Russian court has demanded that the the former Russian tyre maker, Amtel-Vredestein N.V. should pay euro 42 million to settle a legal dispute, according to the Russian Legal Information Agency (RAPSI).

RAPSI said the claim was originated by Russia's Nomos-Bank, but Nomos assigned its claims to a dedicated company called Tire Invest last summer.

Nomos-Bank earlier told the court that the defendant was undergoing winding-up proceedings and requested to notify the bankruptcy administrator of the hearing date. Amtel did not attend the hearing.

The bank said the claim is in connection with interest and capital on a loan. It said it concluded guarantee agreements with the borrower's subsidiaries, including Amtel-Vredestein N.V., then the holding's head company. Since Amtel-Vredestein failed to repay the loan in due time, the bank filed a lawsuit against the borrower and its guarantors.

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Court orders Amtel-Vredestein to pay 42.2 mln euro debt to TIRE Invest from Rapsi