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Amtel-Vredstein to Restructure, Change Name to Amtel N.V.

On September 2, Amtel-Vredstein N.V. issued a press release announcing that an extraordinary general meeting of shareholders had been held in Amsterdam at which it agreed on a new board (consisting of one man, Alexander Fayn, a senior executive with Amtel’s main shareholder, ABH holding), and a new set of proposals to restructure the finances of the troubled Russian tire company. The meeting also agreed to a proposal to dismiss Petr Zolotarev and Vadim Pesochinsky from the executive board. ERJ (subscription required) has a good write-up of the latest development and the recent history of Amtel’s financial struggles. According to Alfa, the Voronezh factory is idle, while production at the Kirov factory is sporadic. The company’s new factory, Voronezh II, needs approximately $50 million to become operational.

The text of the latest press release is below. The release is here.

EXTRAORDINARY GENERAL MEETING OF SHAREH0LDERS OF AMTEL-VREDESTEN N.V. APPROVED APPOINTMENT OF MR. FAYN AS SOLE EXECUTIVE BOARD MEMBER AND NAME CHANGE INTO “AMTEL N.V.”

Enschede, The Netherlands – Amtel-Vredestein N.V. (“the Company”) announces that its Extraordinary General Meeting of Shareholders (“the EGM”) held today resolved in favour of all proposed resolutions, including the proposals to dismiss Messieurs. P. Zolotarev and V. Pesochinskiy as members of the Executive Board and to appoint Mr A. Fayn as a sole member of the Executive Board. Mr. Fayn gave a broad outline of the contemplated restructuring plan.

The proposal to amend Amtel-Vredestein N.V.’s articles of association in order to change the statutory name to “Amtel N.V.” was also approved by the EGM. The execution of the deed of amendment through which the actual name change will take place as well as corresponding changes to the Company’s website, corporate materials etc. will take place as soon as possible.

Mr. J.A.D.M. Daniels, bankruptcy trustee of the Company, provided an update on Amtel’s state of affairs and Mr. Pesochinskiy, CFO of the Company, provided the EGM with presentation on Amtel’s 2008 accounts.

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