Foton Motor: Borgward Motors officially declares bankruptcy

Bitauto News On November 29, we learned from Foton Motor that Beijing Baowo Automobile Co., Ltd. was ruled bankrupt by the Beijing No. 1 Intermediate People's Court.

Previously, Beijing Borgward applied for bankruptcy liquidation on April 22. The judicial authority believed that based on the credit confirmation results and the debtor's assets confirmed by assessment, Baowo Automobile Company was unable to pay off its due debts and its assets were significantly less than its liabilities and insufficient to pay off all debts. So far, no one has filed for reorganization or settlement. To sum up, Borgward Automobile Company has met the legal conditions to declare bankruptcy. The administrator's request to declare Baowo Automobile Company bankrupt is in compliance with legal requirements. Declare Beijing Baowo Automobile Co., Ltd. bankrupt.

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