It’s Not Us! - Tire Review Magazine

It’s Not Us!

Finally, after two years of waiting and wondering, the ill-fated Amtet-Vredestein hook-up is over.

Amtel will disappear into the mist, the bits and pieces of the once mighty and formidable Russian tiremaker will likely be garage-saled to Sibur-Russian Tyres and anyone interested in some Soviet-era tire-building equipment.

Vredestein Banden, though, has a new life ahead of it as part of fast-growing Indian tiremaker Apollo. There are still a ton of regulatory issues to be dealt with, but it appears that Vredestein will be saved, bought after Amtel-Vredestein formally submitted to bankruptcy this week.

Not that there is any bitterness afoot, but Vredestein wants the world to know that it is not bankrupt and that it is in good health, with its own set of sure-footed bankers and ample credit lines.

With regard to the bankruptcy filing, Vredestein said in a statement it issued well before the Apollo deal was announced:

a.    Vredestein Banden B.V. and its subsidiaries are NOT included in this filing.
b.    Vredestein Banden B.V. and its subsidiaries are a going concern and remain unaffected by this filing.
c.    Vredestein Banden B.V. and its subsidiaries have a separate (ring fenced) finance arrangement.
d.    Amtel-Vredestein N.V. has received a binding offer from an industry player for the purchase of the entire issued share capital of Vredestein Banden B.V.
e.    Vredestein Banden B.V. believes that considerable synergies can be won in cooperation with this party.
f.    A possible purchase of Vredestein Banden B.V. will not affect employment at the company.
g.    Vredestein Banden B.V. expects that the abovementioned steps will contribute to a more stable commercial and financial situation for the company.

So there you go.

If you have comments to share, send to me at [email protected].

– Jim Smith

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