Borgward Motors officially declared bankruptcy

International Business News – November 30 news, today, Foton Motor announced that Beijing Borgward Automobile Co., Ltd. officially declared bankruptcy.

On the evening of November 29, Beiqi Foton Automobile Co., LTD. (hereinafter referred to as “Foton Automobile”) released a notice showing that on November 29, 2022, the company learned that Beijing No.1 Intermediate People’s Court made a Civil decision No. (2022) Jing 01 Break 91 on November 29, 2022. The ruling declared Beijing Borgward Automobile Co., LTD. (hereinafter referred to as “Borgward”) bankrupt.

Beijing First Intermediate People’s Court held that according to the result of creditor’s rights confirmation and the debtor’s assets confirmed by assessment, Borgward could not pay off the due debts and the assets were significantly less than the liabilities, not enough to pay off all the debts. So far, no restructuring or settlement has been filed.

So far, no restructuring or settlement has been filed. To sum up, Borgward Automobile Company has met the legal conditions to declare bankruptcy, declare Beijing Borgward Automobile Co., Ltd. bankrupt.