GAC Fiat Chrysler's Bankruptcy Liquidation Changsha Plant's Second Auction and Updates
TapTechNews August 3rd news, the bankruptcy liquidation case of GAC Fiat Chrysler Automobiles Co., Ltd. (hereinafter referred to as GAC FCA by TapTechNews) is underway. Its core assets - the Changsha plant and its affiliated buildings, machinery and equipment, etc. will officially start the second auction process at 10:00 on August 5th, with a starting price of approximately 1.532 billion Chinese yuan, which is about 383 million Chinese yuan lower than the first auction pricing.
The Jingdong Auction platform shows that the first auction of the GAC FCA Changsha plant was carried out on July 20th, with a starting price of 1.915 billion Chinese yuan, but it was unsold due to no bids.
It is introduced that the plant is located at No. 18 Yingxia Road, Changsha County, Changsha City, Hunan Province, with a land use right area of 700,112.8 square meters, and there are 19 buildings with real estate certificates. This auction not only includes land and building factories, but also covers various machinery and equipment of GAC FCA.
The bankruptcy liquidation path of GAC FCA started in October 2022. At that time, the company applied for bankruptcy to the court because its actual assets could not pay off all debts and had basically stopped operating, and officially entered the bankruptcy process in the same year in November. The GAC FCA Guangzhou plant was later taken over by GAC Aion and transformed into a pure electric vehicle production base.
On June 20th this year, GAC FCA has already issued an asset disposal announcement to the outside world, marking the full start of the liquidation work. The official pointed out that various key tasks including asset management, non-core asset disposal, creditor's rights declaration review and after-sales service of automobiles have all entered the final stage.
In order to accelerate the realization of the rights and interests of creditors, the GAC FCA administrator decided to conduct an overall disposal of core assets such as the Changsha plant according to the Property Management and Pricing Plan passed by the creditor's meeting. These assets have an evaluated liquidation value of approximately 1.915 billion Chinese yuan.