"The Marine Corps will remain faithful to our Marines and their families by maximizing opportunities for continued service for those in a military occupation slated for divestment," Thomas said. That includes relying on some Marines choosing to leave the service, as well as voluntary force-shaping authorities, he said. Craig Thomas, a spokesman for Manpower and Reserve Affairs in Quantico, Virginia. The Marine Corps is pledging to manage the reductions in a "measured and responsible way," said Maj. More guidance will be released if future phases of the Force Design require similar action, it adds. ![]() It also violated a public commitment made in its bond offering prospectus and harmed the interests of bondholders.Ĭontact reporter Han Wei and editor Bob Simison our app to receive breaking news alerts and read the news on the go.įollow the Chinese markets in real time with Caixin Global’s new stock database.That comes as tank battalions, infantry units, bridging companies, law enforcement missions and some aircraft squadrons see their missions cut or reduced.įor now, the seven MOSs are the only ones that require "active force-shaping measures," an administrative message states. Without disclosing the nature of the penalties, the exchange said the company violated the exchange’s bond listing rules, bond transfer rules and credit risk management guidelines. In January, the Shanghai Stock Exchange issued a disciplinary penalty to Brilliance Auto, condemning the company and top executives. until 2019, was placed under investigation by the country’s graft buster. In December, Qi Yumin, who was chairman and Communist Party committee head of Brilliance Auto Group Holdings Co. Brilliance Auto, Mianyang Huaxiang and Mianyang Huarui as a consortium currently face 620 million yuan of debt claims.īrilliance Auto has faced criticism for two stake transfers before the default, which sparked speculation that the company was attempting to carve off valuable assets to avoid repaying debt.Ĭhina’s top securities regulator in November issued a warning to Brilliance Auto and launched an investigation of possible information disclosure violations. Ltd., a subsidiary of China Taiping Insurance Group, is so far the largest creditor, claiming 1.2 billion yuan of debt. In a November statement, Brilliance Auto said it defaulted on debt totaling 6.5 billion yuan, along with 144 million yuan of interest.Īmong the lawsuits against Brilliance Auto, Taiping Asset Management Co. ![]() Since the restructuring, creditors including several banks have sued Brilliance Auto, claiming a total of 3 billion yuan of unpaid debts, according to company statements. Most of the enterprises had sound credit-rating records and government backing, so the defaults caught investors off guard and set off a chain reaction affecting other debt issuers and local government financing vehicles.Ĭover Story: How SOE Default Wave Shows State Bailouts Are Over established a joint venture with the German luxury automaker to produce passenger cars under the BMW brand in Liaoning’s capital, Shenyang.Ĭontrolled by the government of the northeast province of Liaoning, Brilliance Auto is one of several local government-owned companies that sent jitters through China’s bond market with abrupt defaults. ![]() In 2003, its Hong Kong-listed subsidiary Brilliance China Automotive Holdings Ltd. 23.īrilliance Auto is best known outside China for its collaboration with BMW. The court’s decision came about one month after Brilliance Auto failed to repay 1 billion yuan ($152 million) in principal and 53 million yuan in interest on bonds due Oct. A local court determined that the company did not have sufficient assets to repay all its debts but that it “has value and could possibly be saved.” Shenyang-based Brilliance Auto started bankruptcy restructuring in November after it failed to repay money due creditors. The Sichuan-based bank sued Brilliance Auto along with two affiliated companies, Mianyang Huaxiang Machinery 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.Ī latest suit against Brilliance Auto was filed by Mianyang City Commercial Bank, involving 60 million yuan of disputed debt, the company said last week in a statement. China’s state-owned carmaker Brilliance Auto Group Holdings Co.
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