Chinese state owned automaker Huachen Automotive Group has been declared bankrupt and has entered a debt restructuring programme, according to local reports.
The company, headquartered in the north eastern Liaoning province, owns four listed companies including Brilliance China Automotive Holdingswhich has a 50:50 joint venture with BMW Group.
Huachen Automotive, in a statement on 16November, said its debts exceeded CNY6.5bn (US$990m), causing insurmountable cashflow problems. In October the company defaulted on a CNY1bn (US$152m) bond.
The Shenyang Municipal Intermediate People’s Court in Liaoning 20November approved the bankruptcy and restructuring petition by the company’s creditors, after accepting that Huachen Automotive Group ha…
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