Tag: insolvency
No extension for Kumho Tire receivership deadline
Sale agreement or receivership – according to creditors, 30 March remains the deadline for Kumho Tire. Yonhap News Agency writes that Lee Dong-gull, chairman and chief executive officer of the Korea Development Bank, has ruled out an extension to this deadline. This means that should its labour union not agree to Qingdao Doublestar Tire’s purchase of a 45 per cent share in the company, from Monday 2 April Kumho Tire will be bankrupt and placed under court receivership.
Interstate Tire & Rubber insolvency linked to non-payment by Austrian tyre wholesaler
According to an official report on the insolvency of Interstate Tire & Rubber Company BV, the direct cause of the firm’s bankruptcy was the non-payment of invoices by a customer, an Austrian tyre wholesaler named in the document as Bruckmüller GmbH.
Interstate Tire & Rubber enters insolvency proceedings
The Court of The Hague in The Netherlands has declared Interstate Tire & Rubber BV insolvent. According to an official document, the court reached this decision on 30 November 2017. Proceedings will be conducted under case number F.09/17/429, with J.A.M. Reuser appointed as case curator. Further official information regarding the insolvency has not yet been made available.
Sambo Motors buys ailing tuner Carlsson
Sambo Motors Co. Ltd. is to take over insolvent Carlsson Autotechnik GmbH including all employees on 4 December 2015. The Korean automotive supplier with annual revenues of more than US$1 billion in 2014 and 3,000 employees wants to expand the production of special editions for car manufacturers and strengthen the production capacities at the historic plant in Merzig/Saarland.
End of the line for Respa
There’s been no happy ending in the insolvency proceedings related to German retreader Respa. Our sister publication Neue Reifenzeitung reports insolvency administrator Elisabeth Roggenhofer as confirming the permanent closure of the Respa retreading operation in Passau. The 19 employees at the Respa GmbH retreading facility have received their notice of termination.
New owner for insolvent Reifen Ihle’s retreading operation
The retreading business belonging to insolvent German tyre company the Reifen Ihle Group now has a new owner. The sales contract was signed late last Friday, and follows the divestment of the firm’s 12 Point S tyre retail centres to regional retailer Reifen Müller at the end of October. R-I-G Technische Produkte GmbH has been acquired by Frankfurt am Main-based holding company Prolimity Capital Partners and will now be operated under a new entity, Rigdon GmbH.
Germany’s Reifen Ihle Group to be sold in parts
Insolvent German tyre industry company the Reifen Ihle Group will evidently be broken up for sale. According to information from our sister publication Neue Reifenzeitung, despite attempts from insolvency administrator Prof. Dr. Martin Hörmann to sell the four-division group – which includes the Point S operation Reifen Ihle Service, a tyre wholesale operation, retreader R-I-G Technische Produkte and casing dealer R-I-G Karkassen – these efforts have failed to find a buyer.
New owner found for Pneu Expo, Le Pneumatique following insolvency
French tyre show “Pneu Expo” and the publishing house behind “Le Pneumatique” – currently France’s only tyre trade magazine – are now in new hands. NewsCo Group, a trade publisher based in Boulogne-Billancourt, near Paris, is reported to have purchased Versailles-based company Éditions VB for an undisclosed sum. Éditions VB is said to have had a capital of €166,400.
Insolvency process for German retreader Reifen Ihle begins
In late February, Germany’s largest retreader – the Günzburg, Bavaria-based Ihle Group – filed for insolvency. At the beginning of May, the local regional court (Neu-Ulm) commenced insolvency proceedings against the company after determining an inability to pay and over-indebtedness. The court has appointed lawyer Prof. Dr. Martin Hörmann liquidator for Reifen-Ihle GmbH while lawyer Alexander Reus is responsible for Reifen Ihle Service GmbH. The court has also appointed a creditors’ committee. Creditors will meet together on 25 June and, based on the liquidators’ report, decide how to go forward with the process.
Leading German retreader Ihle Group files for insolvency
The Ihle Group, headquartered in Günzburg (Bavaria) yesterday filed for bankruptcy at the local court in Neu-Ulm. Managing director Jürgen Eigenbrodt has since confirmed this with Tyres & Accessories’ German sister publication Neue Reifenzeitung (www.reifenpresse.de), adding that applications for all four companies in the group have been submitted to the court in Neu-Ulm, which has in turn placed the business in provisional insolvency administration.
Liquidator takes control of Dunlop India assets
On 26 March the Calcutta High Court appointed a provisional liquidator to assume charge of the assets belonging to Dunlop India Ltd. This measure has stripped the company’s board of directors and chairman Pawan Kumar Ruia of the power to transfer further assets or property from the company. The court’s official liquidator will serve as provisional liquidator, and in addition to conducting an inventory of existing assets he will attempt to recover any prior Dunlop India asset transfers deemed to be fraudulent in nature; according to Justice Sanjib Banerjee, the liquidator will take steps to reclaim properties sold by Dunlop in 2006-07.
Russian Court Receives Amtel-Vredestein Insolvency Application
Official confirmation has been given that, on June 3, OJSC Amtel-Vredestein - the Russian operating unit of Amtel-Vredestein NV - filed for insolvency with the Moscow Arbitration Court. The company states this was carried out in accordance with the requirements of Russian federal law number 127, and Amtel-Vredestein has requested the granting of a monitoring period in line with article 62 of the abovementioned insolvency law. Upon formally announcing the filing for insolvency, the tyre manufacturer stated that “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.” Established court procedure, added Amtel-Vredestein, will see the appointment of an administrator who will run the monitoring procedure for the company.
Magna to Rescue GM Europe
The car parts manufacturer Magna International has agreed to a deal rescuing GM Europe from insolvency. Fiat, who were said to be putting together a bid, decided to decline the option of attending negotiations, which were attended by the German government. Chancellor Angela Merkel, business ministers and representatives of the German states in which GM plants are located will hold a meeting in Berlin on the evening of 29 May to discuss their potential approval of the deal. GM Europe owns auto-makers Opel and Vauxhall, while its American owners General Motors are widely expected to declare Chapter 11 bankruptcy on Monday 1 June.
Shareholders Recommend Amtel-Vredestein OJSC Bankruptcy
On Friday 24 April Amtel-Vredestein OJSC’s shareholders recommended that managers enter the Russian part of the wider Amtel-Vredestein company into bankruptcy proceedings. At this stage the proposal remains a suggestion and it is expected to be weeks before the company makes a final decision on whether or not to enter bankruptcy protection. Tyres & Accessories contacted various Amtel-Vredestein OJSC company representatives, but none were willing to comment on the likelihood of Amtel-Vredestein OJSC declaring bankruptcy or what the effects would be on the company. Were Amtel-Vredestein OJSC to enter bankruptcy, article 106 (2) of the Russian Federation Federal Law on Insolvency sets out a clear order of priority for creditors’ claims: According to Craig Averch, European Bank for Reconstruction and Development claims of citizens to whom the debtor is liable for harm to life or health shall be satisfied first; followed by settlements for the payment of “severance pay and wages with persons working under a labour agreement, including under contract, and for the payment of royalties under copyright agreements.” Third, creditors’ claims for obligations secured against property are to be taken satisfied, following by claims for “mandatory payments to the budget and for extra-budgetary funds.” The process concludes with settlements being made to all other creditors.
Continental Transfers Additional 330 million Euros to Pension Fund
At the end of 2006, Continental AG added 330 million euros to the trust fund it set up in the middle of last year to partially finance its pension obligations to current and retired employees in Germany. This brings the total assets transferred to the Continental Pension Trust e.V., which is legally independent from Continental, to 630 million euros. "We are again acting in line with our policy of optimizing financial structures and reducing future refinancing risks," declared Continental's CFO, Dr. Alan Hippe, in Hanover.