China’s Huachen Automotive Group says creditors applied for company restructuring

China’s Huachen Automotive Group said Monday that its creditors had applied to a Chinese court to restructure the company.

Huachen, the parent of Brilliance Automotive Holdings, the Chinese joint venture partner of BMW BMWG.DE, also said it was uncertain if it would be able to enter restructuring, in a statement posted on the website of interbank bond market clearing house China Central Depository & Clearing Co.

The company said that if the court was unable to approve a restructuring plan, or if the approved plan could not be executed, the court would terminate the restructuring process and declare the company bankrupt.