China Evergrande‘s EV arm units to enter bankruptcy, reorganisation proceedings

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The Straits Times 4h ago

China Evergrande‘s EV arm units to enter bankruptcy, reorganisation proceedings - The Straits Times

Quick Summary:

China Evergrande New Energy Vehicle said a local court ruled that two of its units should enter into bankruptcy.

The firm said a local court hearing was held on Aug 2, and the court ordered the units to engter into such proceedings.

The EV unit of embattled real estate developer China Evergrande Group in May updated the market that its liquidators were in talks with a potential buyer to take a stake in the company, thereby increasing chances of extending a new credit line for the firm to support production.