(Yicai Global) March 29 -- Great Wall Motor Co.’s [SHA:60633] only assembly production partner in Bulgaria, Litex Motors, announced its insolvency and sought bankruptcy, Bloomberg reported yesterday, citing a notice published on the Bulgarian industrial and commerce authority website.
Litex Motors’ creditor Bulstrad Vienna Insurance Group filed the bankruptcy application, said Buttera Denkova, a spokesman for Bulstrad.
Great Wall Motor began setting up the assembly plant in Bulgaria’s northern city of Lovech in 2011. The plant sold 851 cars in 2015, bringing in BGN57 million (USD31.6 million) for a net loss of BGN5.43 million, per a Litex Motors report. Great Wall Motors’ holdings in the plant are not clear.