[GAC Group: The bankruptcy of GAC Fiat Chrysler is a normal work arrangement by the court and bankruptcy administrator to advance the bankruptcy proceedings in accordance with the law] In response to the announcement of GAC Fiat Chrysler's bankruptcy, GAC Group stated that this announcement was a normal work arrangement by the court and bankruptcy administrator to advance the bankruptcy proceedings in accordance with the law. GAC Group will continue to respect and support the work of the court and bankruptcy administrator. Today, the administrator of GAC Fiat Chrysler announced that, based on the company's debt situation, audit report, and asset valuation report, GAC Fiat Chrysler was unable to repay its matured debts and its assets were not enough to repay all debts. It also did not meet the conditions for reorganization or reconciliation, so GAC Fiat Chrysler was declared bankrupt.