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Recently, Jinbei Automobile issued an announcement stating that the company’s atomic company and the guaranteed party Shenyang Jinbei Vehicle Manufacturing Co., Ltd. were ruled bankrupt and reorganized by the Shenyang Intermediate People’s Court on December 30, 2022. The company will receive corresponding compensation as its ordinary creditor. The company has started to prepare to declare the creditor’s rights to Jinbei Vehicle. Risk of getting paid in full. CNC program precision prototype precision CNC machined aluminum parts
At the same time, the announcement also pointed out that the company has accrued losses for the main guarantee liability of Jinbei Vehicles in 2020 and 2021, and Jinbei Vehicles’ entry into bankruptcy and reorganization procedures is not expected to have a significant impact on the company’s 2022 financial statements.
Relevant information shows: Shenyang Jinbei Vehicle Manufacturing Co., Ltd. is one of the main domestic truck manufacturers controlled by Jinbei Automobile Co., Ltd., a subsidiary of Brilliance Automobile Group. It mainly produces vans, engineering dump trucks, special vehicles, SUVs, pickups and buses, etc. Its well-known products include Jinbei “Lingqi”, “Lingchi”, “Jinqi” and other series of trucks. CNC program precision prototype precision CNC machined aluminum parts
It is worth noting that there has also been news about the liquidation and reorganization of Brilliance Group recently. On December 14, Jinbei Automobile issued an announcement saying: Shenyang Intermediate People’s Court approved the “Letter on Changing Brilliance Group Liquidation Team Members and Requesting Designation as Administrator” submitted by the State-owned Assets Supervision and Administration Commission of the People’s Government of Liaoning Province after review. , to adjust the liquidation group of Brilliance Automobile Group Holdings Co., Ltd. Designate the adjusted liquidation team of Brilliance Automobile Group Holdings Co., Ltd. to act as the manager of the actual merger and reorganization of the above 12 enterprises. As of the date of this announcement, Brilliance Group holds 242,967,345 shares of Jinbei Automobile through its wholly-owned subsidiary Shenyang Auto Industry Assets Management Co., Ltd., accounting for 18.53% of Jinbei Automobile’s total share capital.
Statistics show that Brilliance Automobile Group Holding Co., Ltd. is headquartered in Shenyang City, Liaoning Province. It is a vehicle manufacturing enterprise controlled by the State-owned Assets Supervision and Administration Commission of Liaoning Province. The group owns three independent brands of Zhonghua, Jinbei and Huasong, and two joint venture brands of BMW Brilliance and Renault Brilliance, covering the fields of passenger vehicles and commercial vehicles. BMW Brilliance is the most powerful brand of Brilliance Group. In recent years, it has provided Brilliance Group with a profit contribution of up to 27 billion yuan. It stands to reason that with the support of BMW Brilliance’s high profits, Brilliance Group should develop better. However, due to Brilliance Group’s over-reliance on the profit support of BMW Brilliance, its own brands have derailed from mainstream independent brands. The Huasong brand has gradually faded out of the market. CNC program precision prototype precision CNC machined aluminum parts
The decline of its self-owned brand business and the emergence of debt problems have exacerbated the crisis of Brilliance Group. In August 2020, several surviving bonds under Brilliance Group plummeted. It was a private placement bond named “17 Huaqi 05” that ignited the crisis. Subsequently, all 14 remaining bonds of Brilliance Group were triggered to default, with a total default amount of 17.752 billion yuan. Brilliance Group failed to pay as promised, and its supplier, Gezhi Automobile Technology Co., Ltd., applied for bankruptcy and reorganization in the Intermediate People’s Court of Shenyang City, Liaoning Province.
In November 2020, the Shenyang Intermediate People’s Court ruled to accept the creditor’s application for the reorganization of Brilliance Automobile Group Holdings Co., Ltd., which also means that this independent car company has officially entered the bankruptcy reorganization process. According to the ruling at the time, Brilliance Group’s assets were not enough to pay off all its debts, and it had the reasons for bankruptcy stipulated in the Enterprise Bankruptcy Law. In July 2022, according to the National Enterprise Bankruptcy and Reorganization Cases Information Network, the “Brilliance Automobile Group Holdings Co., Ltd. and other 12 companies substantive merger and reorganization plan (draft)” was not passed by the third creditors’ meeting after the postponement of voting.
Relevant data shows: As of June 1, 2022, a total of 6,029 creditors have declared claims to the manager of Brilliance Group, with a total amount of 57.718 billion yuan; ; and employee claims that do not need to be declared, totaling 786 million yuan. The total of the three is 71.798 billion yuan. As of June 1, 2022, a total of 6,029 creditors have declared their claims to the manager of Brilliance Group, with a total amount of 57.718 billion yuan; in addition, there are still creditors who have not declared their claims (recorded in the ledger), totaling 13.294 billion yuan; and no declaration is required employees’ claims totaling 786 million yuan. The total of the three is 71.798 billion yuan. CNC program precision prototype precision CNC machined aluminum parts
Regarding the current situation of Brilliance Group, some insiders pointed out: Brilliance Group originally had a good foundation, whether it is BMW or Jinbei, they are both in the leading position. However, Brilliance Group did not continue to strengthen independent technology research and development to ensure the continuous improvement of product strength, but instead responded passively in the face of regulations and fierce competition, and finally came to today’s predicament. Its failure experience is worth learning for all car companies. CNC program precision prototype precision CNC machined aluminum parts