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Insolvency process for German retreader Reifen Ihle begins

In late February, Germany’s largest retreader – the Günzburg, Bavaria-based Ihle Group – filed for insolvency. At the beginning of May, the local regional court (Neu-Ulm) commenced insolvency proceedings against the company after determining an inability to pay and over-indebtedness. The court has appointed lawyer Prof. Dr. Martin Hörmann liquidator for Reifen-Ihle GmbH while lawyer Alexander Reus is responsible for Reifen Ihle Service GmbH. The court has also appointed a creditors’ committee. Creditors will meet together on 25 June and, based on the liquidators’ report, decide how to go forward with the process.

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Leading German retreader Ihle Group files for insolvency

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Ihle Group

The Ihle Group, headquartered in Günzburg (Bavaria) yesterday filed for bankruptcy at the local court in Neu-Ulm. Managing director Jürgen Eigenbrodt has since confirmed this with Tyres & Accessories’ German sister publication Neue Reifenzeitung (www.reifenpresse.de), adding that applications for all four companies in the group have been submitted to the court in Neu-Ulm, which has in turn placed the business in provisional insolvency administration.

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Liquidator takes control of Dunlop India assets

On 26 March the Calcutta High Court appointed a provisional liquidator to assume charge of the assets belonging to Dunlop India Ltd. This measure has stripped the company’s board of directors and chairman Pawan Kumar Ruia of the power to transfer further assets or property from the company. The court’s official liquidator will serve as provisional liquidator, and in addition to conducting an inventory of existing assets he will attempt to recover any prior Dunlop India asset transfers deemed to be fraudulent in nature; according to Justice Sanjib Banerjee, the liquidator will take steps to reclaim properties sold by Dunlop in 2006-07.

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Russian Court Receives Amtel-Vredestein Insolvency Application

Official confirmation has been given that, on June 3, OJSC Amtel-Vredestein – the Russian operating unit of Amtel-Vredestein NV – filed for insolvency with the Moscow Arbitration Court. The company states this was carried out in accordance with the requirements of Russian federal law number 127, and Amtel-Vredestein has requested the granting of a monitoring period in line with article 62 of the abovementioned insolvency law.

Upon formally announcing the filing for insolvency, the tyre manufacturer stated that “given the deteriorating position of the company and increasing number of creditors’ claims to repay debt or foreclose on the company’s mortgaged assets, this action is necessary and unavoidable.” Established court procedure, added Amtel-Vredestein, will see the appointment of an administrator who will run the monitoring procedure for the company.

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Magna to Rescue GM Europe

The car parts manufacturer Magna International has agreed to a deal rescuing GM Europe from insolvency. Fiat, who were said to be putting together a bid, decided to decline the option of attending negotiations, which were attended by the German government. Chancellor Angela Merkel, business ministers and representatives of the German states in which GM plants are located will hold a meeting in Berlin on the evening of 29 May to discuss their potential approval of the deal. GM Europe owns auto-makers Opel and Vauxhall, while its American owners General Motors are widely expected to declare Chapter 11 bankruptcy on Monday 1 June.

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Shareholders Recommend Amtel-Vredestein OJSC Bankruptcy

On Friday 24 April Amtel-Vredestein OJSC’s shareholders recommended that managers enter the Russian part of the wider Amtel-Vredestein company into bankruptcy proceedings. At this stage the proposal remains a suggestion and it is expected to be weeks before the company makes a final decision on whether or not to enter bankruptcy protection. Tyres & Accessories contacted various Amtel-Vredestein OJSC company representatives, but none were willing to comment on the likelihood of Amtel-Vredestein OJSC declaring bankruptcy or what the effects would be on the company.

Were Amtel-Vredestein OJSC to enter bankruptcy, article 106 (2) of the Russian Federation Federal Law on Insolvency sets out a clear order of priority for creditors’ claims: According to Craig Averch, European Bank for Reconstruction and Development claims of citizens to whom the debtor is liable for harm to life or health shall be satisfied first; followed by settlements for the payment of “severance pay and wages with persons working under a labour agreement, including under contract, and for the payment of royalties under copyright agreements.” Third, creditors’ claims for obligations secured against property are to be taken satisfied, following by claims for “mandatory payments to the budget and for extra-budgetary funds.” The process concludes with settlements being made to all other creditors.

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Continental Transfers Additional 330 million Euros to Pension Fund

At the end of 2006, Continental AG added 330 million euros to the trust fund it set up in the middle of last year to partially finance its pension obligations to current and retired employees in Germany. This brings the total assets transferred to the Continental Pension Trust e.V., which is legally independent from Continental, to 630 million euros. “We are again acting in line with our policy of optimizing financial structures and reducing future refinancing risks,” declared Continental’s CFO, Dr. Alan Hippe, in Hanover.

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Bridgestone to take over Reifen Schwarz

Bridgestone Germany is set to take over Reifen Schwarz from 1st January next year, following a creditors’ meeting last week. Reifen Schwarz is a retailer with around 45 outlets and an annual turnover of more than 70 million Euro, and the company recently filed for insolvency. The Schwarz outlets in Austria are not affected – at least for the time being. Bridgestone Managing Director Günter Unterhauser declined to comment, but directed queries to the insolvency administrator.

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Analysts Downgrade Ford

UBS Warburg has downgraded Ford stocks from a “Hold” rating to “Reduce”, citing cash outflows “for years to come” due to a mixture of “non-competitive operations and weakness in the pension fund”. The analysts estimate that Ford will contribute $5-7 billion to the pension fund up to 2007, although they stress that, with cash reserves of 23 billion, there is no question of insolvency. The downgrading is in response to the belief that Ford requires a more stringent restructuring plan if it is to prosper, and the chances of such a plan being implemented are very small.

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Goodyear Loses Big Customers Due To Kmart Insolvency

Mass-Merchandiser Kmart, one of the biggest competitors of US-Giant Wal-Mart, filed for chapter 11 some months ago, trying to restructure the group and avoid a total crash. Because of this crisis 563 Penske Auto-Service Centers closed last week. These centers were operated by Penske Auto Centers (PAC) at Kmart locations. PAC is owned 1/3 by Kmart and 2/3 by Penske corporation. Penske Auto Centers used to be the biggest independent tyre dealer in the US and was one of the important key-customers of the Goodyear-group.

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Insolvency At Intra

On January 16th, aluminium wheel manufacturing group Intra (Bruchsal/Germany) filed for insolvency. Elements of the group are the ILG casting facility, Intra Fleischmann + Wacker, Exip Autoparts and leasing company Intrex. The insolvency administrator has the task of saving as many of the 260 employee positions as possible and the intention to restructure the company, which is a key OE wheel supplier to Opel. Negotiations with credit institutions and suppliers are ongoing and production is being maintained.

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Insolvency Of ASS Reifen- und Autoservice

ASS Reifen- und Autoservice, which has depots in Hamburg, Hanover and Berlin, has been declared insolvent. It is said that the Dunlop group (Dunlop, Pneumant and the equity Holert Konz) is the biggest creditor.

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Moroccan Tyre Manufacturer In Insolvency Proceedings

Moroccan tyre manufacturer General Tire has begun insolvency proceedings, following the collapse of a restructuring plan. The company, in which Continental AG has a 34.2 per cent stake, has a deficit of 61.9 million Dirhams (6.07 m Euro) – up 14 per cent on last year’s figure. General Tire has invested 400 million Dirhams (39.25 m Euro) since 1995 but the domestic market is suffering from illegally-imported used tyres, which, it is estimated, now account for 60 per cent of the market.

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Deceit at BRW?

The current total of 153 employees of retreader Berliner Reifenwerke (BRW) have been waiting for their salaries since March. However, they are now hoping that after a proposal of insolvency, one of the three potential investors with whom the Berlin economic authorities are negotiating, will take over the plant this month and continue production. The two BRW owners Cohnen and Krüßmann are suspected of misappropriating 46.1 million German marks which were given for investments. Meanwhile a German magazine reports a Credit Suisse (Frankfurt) account of approximately 32 million German marks. Account-holder is a Tahiti-registered company belonging to Horst Krüßmann, former Managing Director of Berliner Reifenwerke. Berlin Public Prosecutors are conducting judicial inquiries.

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