Embattled parent of BMW's China partner names new chairman (updated)

Brilliance China Automotive Holdings

28/06/2021 10:34

(Adds background on Huachen Group, joint ventures)
    BEIJING, June 28 (Reuters) - Shen Tiedong has been named as
chairman of Huachen Group, parent of BMW's  BMWG.DE  China
partner Brilliance Auto  1114.HK , according to a Brilliance
Auto wechat post on Monday.
    Huachen is standing on the brink of bankruptcy, defaulting
on billions of yuan in debt obligations. Chinese regulators have
launched an investigation into possible violations of disclosure
laws by the company.  urn:newsml:reuters.com:*:nL4N2I43Q1
    Brilliance makes vehicles with BMW in the northeastern
Chinese city of Shenyang. It also has a joint venture with
Renault SA  RENA.PA .
    Yan Bingzhe, Huachen's former chairman, will step down, the
post said. It did not offer details of how Huachen plans to
repay the debts.

 (Reporting by Yilei Sun and Tony Munroe; Editing by Toby
Chopra)
 ((Y.Sun@thomsonreuters.com; +86 10 66271262; Reuters Messaging:
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