Bond Defaulter Brilliance Auto Faces Lawsuits Over $457 Million

Caixin Global | Apr 7, 2021 at 9:47 AM
  • China’s state-owned carmaker Brilliance Auto Group Holdings Co. Ltd., which rattled the country’s bond market last year with a high-profile default, faces a pile of lawsuits claiming unpaid debts totaling almost 3 billion yuan ($457 million), as the company struggles with a restructuring.
  • Since the restructuring, creditors including several banks have sued Brilliance Auto, claiming a total of 3 billion yuan of unpaid debts.
  • Among the lawsuits against Brilliance Auto, Taiping Asset Management Co. Ltd., a subsidiary of China Taiping Insurance Group, is so far the largest creditor, claiming 1.2 billion yuan of debt.