![]() On the evening of November 15, Shenhua Holdings and Jinbei Automobile successively issued announcements stating that the company’s indirect controlling shareholder Brilliance Group received a notice from the Shenyang Intermediate Court on November 13, and Brilliance Group’s creditors applied for an application by Automotive Technology Co., Ltd. The storm of bankruptcy and reorganization has been transmitted to listed companies. In addition, its own brands such as "Zhonghua", "Jinbei" and "Hua Song" and joint venture brands such as "BMW Brilliance" and "Brilliance Renault" cover all areas of passenger cars and commercial vehicles. (hereinafter referred to as "Xinchen Power") are listed The company has more than 160 wholly-owned, holding and share-holding companies. (hereinafter referred to as "Shenhua Holdings") and Xinchen China Power Holdings Co., Ltd. ![]() (hereinafter referred to as "Jinbei Automobile"), Shanghai Shenhua Holdings Co., Ltd. Its subsidiaries include Brilliance China, Jinbei Automobile Co., Ltd. At present, Brilliance Group has 6 vehicle manufacturers, 2 engine manufacturers, and multiple component manufacturers in Liaoning, Sichuan and Chongqing. ![]() ![]() Shockwave of bankruptcy and reorganization: the territory involves more than 100 companies, and the announcements of listed companies may be affectedĪs the main force of my country's automobile industry, the history of Brilliance Group behind BMW Brilliance can be traced back to 1949.īrilliance Group is a key state-owned enterprise subordinate to the State-owned Assets Supervision and Administration Commission of Liaoning Province. filed an application for bankruptcy and reorganization of Brilliance Auto on the grounds that Brilliance Group could not pay off its due debts and its assets were insufficient to pay off all the debts and had a high restructuring value.Īlthough Brilliance Group stated that it is still uncertain whether the application can be accepted by the court, the bankruptcy reorganization of Brilliance Group is considered to be a high probability event from outsiders. Just a few days ago, Gezhi Automobile Technology Co., Ltd. This debt default has had an impact on the production and operation of Brilliance Group's headquarters, resulting in a deterioration in the financial situation and greatly affecting the solvency. Regarding the debt crisis that has continued to this day, Brilliance Group explained that due to the shortage of corporate funds, the renewal credit approval has not been completed, resulting in failure to repay. (abbreviated as "Brilliance Group") issued an announcement stating that at present, Brilliance Group has constituted a total debt default amount of 6.5 billion yuan and a total amount of overdue interest of 144 million yuan. On November 16, Brilliance Automobile Group Holdings Co., Ltd. Due to the shortage of funds in the enterprise, the examination and approval of the renewal credit has not been completed, resulting in non-repayment.Īt the same time, the debt default of brilliance Group has an impact on the production and operation of the headquarters of brilliance Group, resulting in the deterioration of the financial situation and greatly affecting the solvency of brilliance Group.The Brilliance Group, which was in deep debt crisis, was gradually pushed into bankruptcy and reorganization. announced that at present, brilliance Group has defaulted on debts totaling 6.5 billion yuan, and overdue interest totaled 144 million yuan. Previously, it was reported that brilliance Automotive Group Holdings Co., Ltd. There are three independent brands of China, Golden Cup and Huasong and two joint venture brands of brilliance BMW and Huachen Renault.įor brilliance Group today officially declared bankruptcy news, brilliance Group Vice President Qi Kai responded: "I have not heard, everything is normal." and Shanghai Shenhua Holdings Co., Ltd., participate in four listed companies, and through its listed company brilliance China and BMW joint venture to establish brilliance BMW. (listed in Hong Kong and the United States), Jinbei Automobile Co., Ltd. It directly or indirectly controls brilliance China Motor Holdings Co., Ltd. ![]() SMM: on November 20, the Shenyang Intermediate people's Court ruled to accept the creditor's application for the reorganization of brilliance Automobile Group holding Co., Ltd., marking that the auto company has officially entered the bankruptcy reorganization process.īrilliance Group is a state-owned enterprise in Liaoning Province. ![]()
0 Comments
Leave a Reply. |
AuthorWrite something about yourself. No need to be fancy, just an overview. ArchivesCategories |