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On December 30, 2021, according to the information of the national enterprise bankruptcy reorganization case information network, brilliance Renault Gold Cup Co., Ltd. filed for bankruptcy, the case number is (2021) Liao 01 Breaking Shen 24, and the handling court is the Shenyang Intermediate people's Court of Liaoning Province. both the applicant and the applicant are brilliance Renault Gold Cup. On January 12, brilliance China announced that brilliance Renault's application for reorganization had been accepted by the Shenyang Intermediate people's Court. The Huachen Renault liquidation team, led by Gao Wei, director of the Comprehensive laws and regulations Department of the State-owned assets Supervision and Administration Commission of the Liaoning Provincial people's Government, has been appointed by the Shenyang Intermediate people's Court as the manager of the reorganization.

According to the latest report of the Daily Business News, a source who spoke on condition of anonymity told reporters: "the restructuring of Huachen Renault is expected to be completed in June this year." A source close to Huachen Renault also said: "Huachen Renault's employees have almost left before, and now the ones left are going through the formalities one after another, and some of them have already signed up." It is understood that Huachen Renault has terminated the labor contract of its employees and can voluntarily go through the formalities of leaving without objection before March 18. At present, Huachen Renault is recruiting restructuring investors, and the deadline for application is March 31, 2022.

According to the National Enterprise bankruptcy reorganization case Information Network, brilliance Renault managers have announced the claims of brilliance Renault employees in three batches through online publicity, with the first batch of publicity and the second batch of publicity starting on March 2 and March 5 this year, and the third batch of publicity from March 21 to April 4. Public information shows that if the subsequent employee terminates or terminates the labor contract with the company, the manager will calculate and publicize separately in accordance with the relevant regulations.

According to the data, in December 2017, brilliance Group transferred 49% of the shares of Shenyang brilliance Gold Cup to Renault at a price of 1 yuan, and established brilliance Renault Gold Cup Automobile Co., Ltd. After the establishment of brilliance Renault, the company plans to produce and sell light commercial vehicles under the three brands of Golden Cup, Renault and Huasong, and the models will be localized to produce three major categories of vehicles-MPV, medium van and van, large van and van. At the same time, it also plans to achieve annual sales of 150000 units by 2022, and plans to deploy electric cars ahead of schedule. At that time, brilliance Gold Cup, founded in 1989, was facing huge losses and accumulated debt of more than 1 billion yuan, so brilliance sold 49% of its stake in brilliance Gold Cup to Renault Group at a price of 1 yuan, hoping that both sides would invest a further 1.5 billion yuan in the future. to reverse losses in light passenger business. However, the joint venture with Renault failed to produce real results, even causing Huachen Renault sales to decline year after year, from 43000 in 2018 to 40000 in 2019 to 23000 in 2020.

It is understood that at the beginning of the joint venture, brilliance Renault said it planned to achieve annual sales of 150000 vehicles and launch seven new models by 2022, while Renault Group also said that it would launch a full range of light commercial vehicles by 2023. Including five models covering small, medium and large van vehicles, including electric models. However, after all, these plans are just plans. Hua Chen Renault's first model after the joint venture is a medium-sized SUV called Guanjing, which was a bit of a sensation at the beginning, after all, it was a new model with both brilliance and Renault technology, but in the end it didn't perform well.

Cui Dongshu, secretary general of the Federation of passengers, once said that brilliance Renault originally had a good foundation, and Golden Cup had been in the leading position, but it did not strengthen independent technology research and development to ensure the continuous improvement of product strength, but passively responded to laws and regulations and fierce competition, and finally had today's dilemma.

At present, Huachen Renault is waiting for its "white knight". Brilliance Renault announced the recruitment of restructuring investors on January 14, and the deadline is March 31, according to the National Enterprise bankruptcy reorganization case Information Network. It is mentioned that brilliance Renault restructuring investors need to meet seven conditions, including "the principle manager does not limit the industry that the intended investor is engaged in, but the intended investor should have the management ability and corporate governance ability to adapt to Huachen Renault's existing business."two or more prospective investors may form a consortium to participate in the investment. Among them, each prospective investor should meet all the recruitment requirements "" intended investors to participate in brilliance Renault restructuring investment, must pay a registration deposit of RMB 10 million "and so on. In addition, qualified prospective investors are required to submit Huachen Renault's restructuring investment plan to the manager before March 15, 2022, and the manager will review the restructuring investment plan.

The automobile industry is concerned that according to the current market pattern, brilliance Renault is very difficult to recruit suitable restructuring investors, because brilliance China is in a state of restructuring, and the development of Renault Group in the Chinese market is not optimistic, and the attraction of commercial vehicles in the Chinese market is not so strong, so brilliance Renault wants to find its own "white knight" is not easy. Of course, from the perspective of the commercial vehicle market, Huachen Renault is still well-known, and brilliance Group, the shareholder of Huachen Renault, is also in the process of restructuring, but if the joint venture company can invigorate its assets and continue its production and operation in the future, it is still possible to get policy support from local governments.

From the point of view of time, there are only three days left before brilliance Renault recruits and reorganizes investors. As for whether Huachen Renault can be met by "white knights" and how to find "white knights" how to use resources, it is also worthy of market attention.

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