Foton Motor: Borgward’s 2.209 billion yuan related assets were seized

Yitau News On December 9, Foton Motor issued an announcement stating that the related assets of Beijing Borgward were seized by the Beijing No. 3 Intermediate People’s Court. The book value of the seized property was 2.209 billion yuan; The assets are all necessary for the production and operation of Beijing Baowo, which will have a significant impact on Beijing Baowo and will also have an adverse impact on the recovery of the company's related claims.

The company has applied for the seizure of Borgward-related assets on November 11, but the court has not yet implemented it. After Beijing Baowo's assets were seized by other creditors, if the court approves the company's application for seizure of Beijing Baowo's assets, it can only wait for the seizure. The company will continue to pay attention to the progress of this matter and promptly perform corresponding information disclosure obligations in accordance with laws and regulations.