Brilliance official bankruptcy restructuring vice president responded "everything is fine"

Published: Nov 20, 2020 14:45

Save

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.

Brilliance Group is a state-owned enterprise in Liaoning Province. It directly or indirectly controls brilliance China Motor Holdings Co., Ltd. (listed in Hong Kong and the United States), Jinbei Automobile Co., Ltd. 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. There are three independent brands of China, Golden Cup and Huasong and two joint venture brands of brilliance BMW and Huachen Renault.

For brilliance Group today officially declared bankruptcy news, brilliance Group Vice President Qi Kai responded: "I have not heard, everything is normal."

Previously, it was reported that brilliance Automotive Group Holdings Co., Ltd. announced that at present, brilliance Group has defaulted on debts totaling 6.5 billion yuan, and overdue interest totaled 144 million yuan. 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.

At 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.

Brilliance bankrupt

Data Source Statement: Except for publicly available information, all other data are processed by SMM based on publicly available information, market communication, and relying on SMM‘s internal database model. They are for reference only and do not constitute decision-making recommendations.

For any inquiries or to learn more information, please contact: lemonzhao@smm.cn

For more information on how to access our research reports, please contact:service.en@smm.cn

Related News

Feb 6, 2026 23:56

"Premier Li Qiang Leads State Council Meeting on Enhancing Effective Investment, Boosting Economic Growth"

Premier Li Qiang presided over an executive meeting of the State Council to study policy measures for promoting effective investment. The meeting noted that promoting effective investment plays an important role in stabilizing economic growth and strengthening momentum for development. It is necessary to innovate and improve policy measures, and intensify efforts to enhance the efficiency of utilizing funds such as central budget investments, ultra-long-term special treasury bonds, local government special bonds, and new-type policy-based financial instruments. In conjunction with formulating and implementing the 15th Five-Year Plan

Feb 6, 2026 23:56

Feb 6, 2026 23:54

"Guided by Xi Jinping Thought, Implement 20th CPC Congress Spirit, Apply New Development Philosophy...

Guided by Xi Jinping Thought on Socialism with Chinese Characteristics for a New Era, we will thoroughly implement the spirit of the 20th National Congress of the Communist Party of China and the plenary sessions of the Party’s 20th Central Committee, fully and faithfully apply the new development philosophy, strengthen top-level design, build computing power interconnection nodes oriented toward national hub periods, major strategic regions, and key industries, establish a system of computing power interconnection nodes, improve the efficiency and service level of public computing power resources, and promote high-quality development of computing power.

Feb 6, 2026 23:54

Feb 6, 2026 23:47

Indirect Iran-US Nuclear Talks in Muscat Show Progress, Omani FM Mediates Tense but Efficient Discussions

After intensive indirect consultations, the new round of nuclear talks between Iran and the US in Muscat, the capital of Oman, has achieved phased progress. It is reported that during this round of talks, the Iranian and US delegations did not meet directly. Instead, Omani Foreign Minister Badr acted as an intermediary, conveying a series of core proposals, strategic concerns, and policy positions to the other side. The atmosphere at the talks was tense yet efficient. According to preliminary on-site assessments, although both sides continue to negotiate over specific terms, they have reached a consensus on the key objective of "continuing dialogue."

Feb 6, 2026 23:47