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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.

27th April 2009/by Tyrepress Editors

DEKRA Test Centre to Compare Premium Brand Tyres

With worldwide automotive manufacturers feeling simultaneous and significant economic and ecological pressures, remaining at the cutting edge in terms of research and development is vital for the premium brands to create the sense of worth necessary to continue selling tyres at the upper end of the pricing sheet. As a significant factor in achieving this goal, the Michelin Group earmarks 600 million Euros for research and development annually.

For part of its testing this year, the French manufacturer is outsourcing to the DEKRA Test Centre, based in Narbonne, France. The 2009 tests will compare Michelin’s Energy Saver in size 195/65R15 91H, the Primacy HP (225/55R16 95W) and the Primacy Alpin PA3 (205/55R16 91H) with examples from the ranges of the premium brand manufacturers Bridgestone (B250, Turanza ER300, LM25), Continental (PremiumContact 2, WinterContact TS830), Dunlop (SP Sport Fast Response, SP Winter Sport 3D), Goodyear (Excellence, Ultra Grip 7+) and Pirelli (P6 Cinturato, P7). Results from the tests will be provided by DEKRA in May for the performance and high performance sizes and in September for the cold weather head-to-head, so readers are advised to check forthcoming issues and on Tyrepress.com for the results.

17th April 2009/by Tyrepress Editors

Kumho, Uniroyal Awarded Which? “Exceptional Value”

The UK consumer advice magazine Which? has published the results of its latest tyre tests in the April 2009 edition, awarding “Exceptional Value” ratings to the Uniroyal RainSport 2 and the Kumho Solus KH17. At the other end of the scale Which? gave its less coveted “Don’t Buy” rating to four tyres, the Vredestein Hi-Trac, the Kenda Komet SPT-1, the Maloya Futura Primato and the Wanli S1032 M+S.

The 32-strong field was split into two size groups – 205/55 R16 W and 185/60 R14 H – designed to provide data on a range of tyres for new medium-large and supermini-older medium cars. Tyres were rated according to price and availability in January 2009; dry braking and handling; wet braking; wet grip on bends and straights; and noise and eco rating. In addition to the two “Exceptional Value” tyres, Which? Magazine’s “Best Buy” rating was awarded to: the Continental PremiumContact 2 and the Bridgestone Turanza ER300 in both sizes; the Michelin Primacy HP and the Nokian Z G2 in 205/55 R16 W; and the Uniroyal Rain Expert in 185/60 R14 H.

6th April 2009/by Tyrepress Editors

Amtel-Vredestein Receives “Binding Offer” for Vredestein Banden

A buyer for Vredestein Banden has been found. In a written statement released on April 1, holding company Amtel-Vredestein N.V. says it has received a “binding offer from an industry player” for the purchase of the total share capital of Vredestein Banden BV. According to company CEO Rob Oudshoorn, the agreement is “very binding”, and it is “highly unlikely” that an acquisition of Vredestein shares would fail.

3rd April 2009/by Tyrepress Editors

Buyer for Vredestein Banden Found

A buyer for Vredestein Banden has been found. In a written statement released by the Dutch company on April 2, the holding company Amtel-Vredestein N.V. has received a “binding offer: from a “strategic” industrial market player for the total share capital of Vredestein Banden BV. According to company CEO Rob Oudshoorn, the agreement is “very binding”, and it is “highly unlikely” that any complications will prevent the deal from going ahead. The CEO declined to disclose the deal’s value.

Tyres & Accessories will report further on this transaction when information is available.

2nd April 2009/by Tyrepress Editors

Stuart Jackson Appointed TyreSafe Chairman

Vredestein UK managing director, Stuart Jackson has become chairman of TyreSafe. According to the tyre safety organisation, he replaced former chairman Rob Beddis as the public face of TyreSafe during February and will continue Beddis’s work in raising awareness among motorists of the importance of well maintained tyres in road safety.

25th March 2009/by Tyrepress Editors

Sibur Halts Amtel-Vredestein Debt Deal

Sibur has suspended talks with the creditors of Amtel-Vredestein after Sberbank (which is Russia’s largest bank and responsible for 20 per cent of its debts) failed to decide whether or not to participate in the debt restructuring negotiations. However, company sources have reaffirmed their continued interests in buying Amtel’s assets.

13th March 2009/by Tyrepress Editors

Work in Progress – Sibur/Amtel Debt Deal in the Offing

The path towards an arrangement between OJSC Sibur Holding and Amtel-Vredestein has been littered with complications, yet as of early 2009 it appears that the persistence of the parties involved has paid off. On January 28, Sibur Russian Tyres (SRT) announced the planned issue of 7.6 billion securities bonds, valued at 12.69 billion roubles (£246,47 million), each convertible into a single ordinary SRT share. This bond issue, commented SRT deputy general director Igor Karavayev, provides a tool for the possible redemption of Amtel-Vredestein’s Russian business debt with creditor banks; under this scheme, the creditor banks could acquire up to 45 per cent of SRT’s shares. According to SRT, arrangements with creditors should be finalised some time in February.

3rd February 2009/by Tyrepress Editors

Sibur Holding Progressing with Amtel-Vredestein Deal

An article published by the Moscow Times appears to confirm speculation that Sibur Holding will acquire control of Amtel-Vredestein. The January 26 news piece prints comments from a company executive that Sibur will issue bonds as part of the deal, a possibility previously reported by Russian business daily Vedomosti.

The previous merger arrangement was cancelled last September due to an unavailability of credit to fulfil the necessary terms and conditions. However, Amtel-Vredestein’s press department in Moscow told Tyres & Accessories on September 30 that the deal was still “an ongoing work in process.”

27th January 2009/by Tyrepress Editors

Sibur to Buy $600M of Amtel-Vredestein Debt

On January 22 Amtel-Vredestein N.V. reported its postponement of the general meeting of shareholders planned for the second half of the month. This decision was taken, the company discloses, because it is not yet “in a position to submit a decision on the disposal of its subsidiary Vredestein Banden B.V. to the general meeting for approval”. Amtel-Vredestein says plans regarding the subsidiary’s disposal are continuing, however it admits the sale process “may be impacted by certain legal actions taken by creditors of the company”. In a press statement, the company says it intends to conclude the sale process as soon as possible, thereby offering maximum value to all stakeholders. This is, admittedly, a best-case scenario; the statement contains the caveat that there can be no certainty of the successful sale of Vredestein Banden B.V.

23rd January 2009/by Tyrepress Editors

Amtel-Vredestein Announces Submission of FY2007 Annual Report

Amtel-Vredestein N.V. has announced the submission of its unaudited annual accounts and annual report for the 2007 financial year to the Netherlands Chamber of Commerce in accordance with article 2:394 of the Dutch Civil Code. The annual accounts have not been adopted by the company’s general meeting and have not been audited by Amtel-Vredestein’s auditor. The financial year 2007 unaudited annual accounts and annual report, says the company, have been merely made public to fulfil the obligations of article 2:394 of the Dutch Civil Code. Amtel-Vredestein adds in a statement that, in this respect, it should also be noted that the Dutch Ministry of Economics has denied the company’s request for an exemption from the obligation to draw up, present and adopt its audited financial statements for the financial year that ended on 31 December 2007.

5th January 2009/by Tyrepress Editors

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.

15th December 2008/by Tyrepress Editors

Tyre Production Resumes at Amtel-Vredestein’s Kirov Factory

Production at the Amtel-Povolzhye factory in Kirov, Russia has resumed as of December 8. Operations at the Amtel-Vredestein subsidiary facility had been suspended due to a lack of working capital following the foundering of merger talks between its parent company and Sibur-Russian Tyres. This pause in production was reported to have been scheduled only for the period between October 11 and 20, however the resumption of work was repeatedly postponed.

11th December 2008/by Tyrepress Editors

Vredestein Helping Children Remain Visible in Winter

Vredestein has voiced support for the UK government’s campaign to reduce child road deaths and by introducing a simple yet practical road safety initiative targeted – to begin with – at four schools in the UK. The programme will provide seven and nine years olds with luminous arm straps to help enhance visibility on their way to and from school during winter months.

21st November 2008/by Tyrepress Editors

“We Have a Job to Do”

With 15 years of experience in the aftermarket components sector, Stuart Jackson was not completely unfamiliar with the tyre business when he joined Vredestein a year ago. Having said that, 12 months after becoming UK managing director, Jackson admits that changing lanes into the tyre segment is also “a really good challenge.” In his words he is “very happy to bring a fresh perspective to the business.” In a recent interview with Tyres & Accessories Jackson reflected on the last year revealed details of Vredestein’s plans for 2009.

2008 has reportedly been a “very successful year” for Vredestein – with the company predicting that its UK operations are on track to report a 16 per cent growth rate year-on-year. According to Jackson this does not simply reflect tyre sales volume, but rather “organic financial growth” and “great commitment” from dealers. Some months are said to have been better than others, but by working flexibly with its partners order fill rates have been “consistently high.”

13th November 2008/by Tyrepress Editors