State-owned conglomerate Huachen Automotive enters restructuring process

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A Chinese court has accepted an application from a creditor of Huachen Automotive Group Holding Co Ltd seeking the restructuring of the parent of BMW AG's joint venture partner Brilliance China Automotive Holdings Ltd.

The Liaoning Shenyang Municipal Intermediate People's Court has accepted application from GZ Tooling Group Co Ltd, an auto mould supplier, seeking restructuring of Huachen Automotive, which means that the company officially entered the process of bankruptcy and restructuring.

Huachen Auto has insufficient assets to pay off all its debts and therefore is bankrupt, however, it is necessary and possible . . .

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