Vredestein Banden B.V. to be Sold
Amtel Vredestein N.V. (AVNV) has announced that its subsidiary company OJSC Amtel-Vredestein (OJSC AV), the holding company of the group’s Russian business, is no longer able to satisfy its creditors’ demands. The AVNV executive board has determined that, due to the financial difficulties AVNV faces, it will not be able to provide any additional finance to OJSC AV. This development, says the company, may have “consequences for the going concern status of AVNV”, given a number of guarantees provided by AVNV in favour of the creditors of OJSC AV.