OJSC Amtel-Fredeshtayn (JSC EyVi ) announced that its subsidiary company, OAO Tire Complex Amtel-Volga (Kirov) appealed to the Arbitration Court of Kirov, a statement of recognition of its insolvent (bankrupt ) and the introduction of monitoring procedures in accordance with Article 62 of the Federal Law On Insolvency (Bankruptcy).
Previously, similar statements were filed by OAO Tire Complex Amtel-Chernozem and Amtel-Chernozem, Voronezh city, in respect of which have already started the procedure for observation, and the company itself. This procedure will ensure Amtel-Fredeshtayn temporary protection from creditors' claims and allow management to focus on solving production problems and finding lasting solution to the creditors.
The Company confirms that, during the supervisory procedure, it will continue its operations as usual under the management of current management.
The company intends to fully execute its current obligations, including all social and tax benefits, as well as liabilities to suppliers and buyers.
Industrial Group businesses - factories in Kirov and Voronezh - currently based on the available working capital resources, have begun to produce tire production in the framework of the winter programs Tire 2009 - 2010 biennium. as well as on the state order.
Daughters Amtel-Fredeshtayn filed in court a statement of bankrotsve
OJSC Amtel-Fredeshtayn (JSC EyVi ) announced that its subsidiary company, OAO Tire Complex Amtel-Volga (Kirov) appealed to the Arbitration Court of Kirov, a statement of recognition of its insolvent (bankrupt ) and the introduction of monitoring procedures in accordance with Article 62 of the Federal Law On Insolvency (Bankruptcy).
Previously, similar statements were filed by OAO Tire Complex Amtel-Chernozem and Amtel-Chernozem, Voronezh city, in respect of which have already started the procedure for observation, and the company itself. This procedure will ensure Amtel-Fredeshtayn temporary protection from creditors' claims and allow management to focus on solving production problems and finding lasting solution to the creditors.
The Company confirms that, during the supervisory procedure, it will continue its operations as usual under the management of current management.
The company intends to fully execute its current obligations, including all social and tax benefits, as well as liabilities to suppliers and buyers.
Industrial Group businesses - factories in Kirov and Voronezh - currently based on the available working capital resources, have begun to produce tire production in the framework of the winter programs Tire 2009 - 2010 biennium. as well as on the state order.
Amtel-Fredeshtayn maintains a constructive dialogue with all stakeholders, taking into account the interests of shareholders, creditors, labor groups and regions, in order to develop optimal solutions. Management reaffirms its intention to reach a settlement with creditors as part of the monitoring that will allow the company to retain business and to start a financial recovery in the shortest possible time.
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