Brilliance Auto's reorganization plan voted today, some assets have been passed in many times

On June 30, according to a report from China Business News, since November 2020, Brilliance Auto announced that it has entered the bankruptcy reorganization process, and the reorganization plan has been postponed many times.The Shenyang Intermediate People's Court is scheduled to hold the third creditors' meeting of the substantive merger and reorganization of 12 companies including Brilliance Group on June 30, to discuss the "substantive merger and reorganization plan of 12 companies including Brilliance Automobile Group Holdings Co., Ltd. (Draft)" vote.If the vote is passed, the subsidiary of Brilliance Auto may usher in new shareholders.

It was learned from a person familiar with the matter that some of the assets of Brilliance Auto have found investors. In addition to the equity-related assets of Shenhua Holdings, some assets were sold through auctions, but they were passed in many times during the auction process.

In June this year, Jinbei Automobile, Shenhua Holdings and Brilliance China, the listed companies of Brilliance Auto, successively issued announcements to disclose the relevant restructuring progress.Among them, the announcement issued by Jinbei Automobile on June 8 shows that according to the "Substantial Merger and Reorganization Plan (Draft) of 12 Enterprises including Brilliance Automobile Group Holdings Co., Ltd." (hereinafter referred to as the "Reorganization Draft"), Dongfang Xinyuan Group Co., Ltd. The company is the reorganization investor of Jinbei Automobile's equity-related assets held by Brilliance Auto. The relevant investment agreement has not been signed. The reorganization draft may lead to changes in the company's controlling shareholder and actual controller.