The Shenyang Municipal Intermediate People's Court in northeast China's Liaoning Province on Friday accepted the restructuring application of Huachen Automotive Group Holdings filed by a creditor.
The state-owned conglomerate is the parent of Brilliance China Automotive Holdings, which teamed up with German carmaker BMW to form a joint venture, BMW Brilliance Automotive, in 2003.
Sources with Huachen Automotive Group said the restructuring only involves its own brands, but its joint ventures with BMW and Renault will not be affected.
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