Hozon New Energy Automobile, the owner of the Neta electric vehicle brand, has officially entered the bankruptcy review process, according to a notice posted on China’s centralized information platform on bankruptcy cases, YiCai Global reported. The National Enterprise Bankruptcy Information Disclosure Platform updated its information about Hozon Auto on June 13, adding Zhejiang Zicheng Law Firm as the administrator, the main person in charge of the administrator, and other data.
Resources Per Country
- Afghanistan
- Armenia
- Australia
- Azerbaijan
- Bangladesh
- Brunei
- Cambodia
- China
- Cook Islands
- Cyprus
- Fiji
- Georgia
- Hong Kong
- India
- Indonesia
- Japan
- Kazakhstan
- Kyrgyzstan
- Laos
- Macau
- Malaysia
- Maldives
- Micronesia
- Mongolia
- Myanmar
- Nepal
- New Zealand
- North Korea
- Pakistan
- Papua New Guinea
- Philippines
- Singapore
- South Korea
- Sri Lanka
- Taiwan
- Tajikistan
- Thailand
- Turkey
- Uzbekistan
- Vanuatu
- Vietnam
Read more
The recent bankruptcy of Marelli, a supplier of automotive components, has sent shockwaves through the global automotive industry, MSN.com reported. This event marks one of the first major corporate failures triggered by the new tariffs imposed by Donald Trump's administration. Marelli's collapse directly impacts Stellantis and its renowned brands, including Jeep, Chrysler and Dodge. Marelli, known for its expertise in vehicle lighting and electronic components, had been grappling with financial difficulties for years.
The Pakistan Tehreek-e-Insaf (PTI) has launched a scathing critique of the government's economic management, attributing severe decline in GDP growth from over 6% to negative figures, to the leadership of Prime Minister Shehbaz Sharif, Devdiscourse reported. PTI Central Information Secretary Sheikh Waqqas Akram has highlighted a concerning reduction in average Pakistanis' purchasing power by 58% since the current administration took office.
The National Company Law Tribunal (NCLT), Ahmedabad has admitted two separate insolvency petitions filed by Indian Renewable Energy Development Agency (Ireda) against Gensol Engineering (GEL) and its subsidiary Gensol EV Lease (GEVL), initiating corporate insolvency resolution processes (CIRP) against both companies, the Times of India reported. In the case of Gensol Engineering, the tribunal admitted Ireda’s petition for defaulted dues amounting to Rs 510.10 crore. The defaults stemmed from term loan facilities extended by Ireda for various projects undertaken by GEL.
Read more
China’s plan to get consumers spending again may be working a little too well, the Wall Street Journal reported. Policymakers’ rollout of subsidies for smartphones, home appliances, cars and a host of other products have spurred a long sought-after pickup in spending. But the funds needed to keep it going are running out faster than planned. Many regional authorities put a brake on subsidies in recent weeks after shopping sprees drained the program’s accounts faster than expected. The timing is particularly bad, as a major shopping holiday–“618” –is around the corner.
Read more
South Korean President Lee Jae-myung said on Friday his government would focus on easing regulations and accelerate working-level tariff talks with Washington as part of broader support for companies on trade matters, Reuters reported. The future of South Korea's export-oriented economy, with key sectors from chips to vehicles and shipbuilding heavily exposed to global trade, may hinge on the kind of deal Lee can strike on tariffs with U.S. President Donald Trump.
Read more
SBI Shinsei Bank, a unit of SBI Holdings plans to file as early as next month for a relisting on the Tokyo Stock Exchange, Reuters reported. The bank, which aims to go public again by the end of the year, would follow a series of sizeable listings in Japan over the past year as companies look to capitalise on market momentum that has seen the Nikkei share average trade near record highs. Relisting the mid-sized lender has been a target for Yoshitaka Kitao, the CEO of SBI, a financial conglomerate whose businesses span banking, asset management, technology and cryptocurrency.
Read more
Neta Auto, once a rising star in China’s electric vehicle market, is reportedly set to commenced bankruptcy reorganization proceedings on June 12, CarNewsChina.com reported. This development follows a dramatic video circulating online on June 11, showing employees confronting Neta Auto Chairman Fang Yunzhou at the company’s new Shanghai office, demanding overdue wages. According to an employee present at the scene, over 100 individuals gathered, and the outcome was merely a directive to await bankruptcy liquidation.
Read more
Shares of Gensol Engineering slid 2% in Thursday's trading session to their day’s low of Rs 51.45 on the BSE, as the Ahmedabad bench of the National Company Law Tribunal (NCLT) reserved its order on two insolvency pleas filed by Indian Renewable Energy Development Agency (IREDA) against Gensol Engineering (GEL) and its subsidiary Gensol EV Lease (GEVL) over a combined loan default of Rs 729 crore, the Economic Times of India reported.
Read more
This content is reserved for Global Insolvency Members or members of the American Bankruptcy Institute. Create an account now to gain access. Enjoy free membership for a limited time.
Already a member? Login here.