Amtel Vredestein filed for bankruptcy

ERJ staff report (DS)

Moscow - OJSC Amtel-Vredestein ("Company") has said it has officially filed for bankruptcy. The company said that on 03 June 2009 the Company has filed to the Moscow Arbitration Court a petition in bankruptcy and requested to grant OJSC Amtel-Vredestein a monitoring period in line with the Article 62 of the Federal law on insolvency.

The company said, "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."

According to the established procedure the Court is expected to appoint an administrator who would run the monitoring procedure for the Company.

The company said it will in the mean time carry on as normal. Management said it is seeking to find optimal solution in the best interests of creditors and employees either through an amicable agreement with creditors or otherwise.

This is an external link and should open in a new window. If the window does not appear, please check your pop-up blocking software. ERJ is not responsible for the content of external sites.

Press release from Amtel-Vredestein