The Shenyang Municipal Intermediate People's Court has accepted creditors' application for the reorganization of Brilliance Auto, meaning that the company entered the process of bankruptcy and restructuring officially. The court said Brilliance Group assets are not enough to pay off all debts. The mainland court may announce a bankrupcy decision today, mainland media reported. On November 13, Brilliance Auto filed for bankruptcy and reorganization on an application by GZ Tooling Group. Brilliance Auto holds a 42 percent stake in Brilliance China Automotive (1114).

Source: The Standard November 20, 2020 07:52 UTC