Amtel-Vredestein debt dispute to be heard on 26 October

A commercial court will hear on 26 October TIRE Invest's 42.256 million euro lawsuit against Holland's Amtel-Vredestein N.V., the court told the Russian Legal Information Agency (RAPSI). Nomos-Bank was the initial plaintiff, but reportedly assigned its claims to TIRE Invest last summer.

According RAPSI, Nomos-Bank earlier told the court that the defendant was being liquidated and requested to notify the liquidator of the hearing date. In 2007, Nomos-Bank and the Amtel-Vredestein tyre manufacturer entered into a loan agreement with a 9 per cent annual interest set to mature in June 2009.

Amtel-Vredestein is said to have pledged its 275,000 shares in Amtel-Povolzhye worth $68.75 million as a security for the loan. Since Amtel-Vredestein failed to repay the loan in due time, the bank has sued the borrower and its guarantors to recover the debt, RAPSI reported.

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