Kirov Tyre plant wins approval to restructure debt

ERJ staff report (LMH)

Moscow - Russia's anti-monopoly commission, the FAS, has given the Kirov tyre factory owned by bankrupt Amtel NV, permission to restructure ownership and debt, in effect splitting the going concern of production away from historical debt built up by Amtel.

The Kirov Tyre Plant joint stock company (JSC) is to establish a 100-percent owned subsidiary to shoulder the company's debts.

The new JSC creation is to be completed before external management at Amtel-Volga complete their contracts.

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Press release from FAS (Russian language

Above Press release auto-translated into English from Russian

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Above story auto-translated into English (from Russian)