A commercial court will hear on Oct. 26 Tire Invest’s 42.256 million euro lawsuit against Holland’s Amtel-Vredestein N.V., the court told the Russian Legal Information Agency (RAPSI).
Nomos-Bank was the initial plaintiff, but reportedly assigned its claims to Tire Invest last summer.
According RAPSI, Nomos-Bank earlier told the court that the defendant was being liquidated and requested to notify the liquidator of the hearing date. In 2007, Nomos-Bank and the Amtel-Vredestein tire manufacturer entered into a loan agreement with a 9% annual interest set to mature in June 2009.Amtel-Vredestein is said to have pledged its 275,000 shares in Amtel-Povolzhye worth $68.75 million as a security for the loan. Since Amtel-Vredestein failed to repay the loan in due time, the bank has sued the borrower and its guarantors to recover the debt, RAPSI reported.
Amtel-Vredestein is not in any way related to Apollo Tyre. (Tyres & Accessories)