Beijing firm planning to take over Ukrainian jet engine maker goes bankrupt
Beijing-based Xinwei Technology Group went bankrupt and was considering taking control of Ukrainian engine maker Motor Sich, one of the world’s largest makers of missiles, helicopters and jet engines. A Beijing court has appointed a law firm to handle the bankruptcy of Beijing Xinwei Technology Group. The Beijing No. 1 Intermediate People’s Court on Tuesday appointed the Haiwen law firm as the administrator of Beijing Xinwei’s bankruptcy liquidation, according to court documents. Creditors can file claims before May 5, Caixin Global reported.
Xinwei said in a statement that it “will continue to push forward the purchase of Motor Sich with the aim of changing the course of the bankruptcy”, although the deal is at an impasse due to national security concerns in Ukraine. . Beijing Xinwei has been looking for a few years to buy Motor Sich through its subsidiary Beijing Skyrizon Aviation. But Ukrainian regulators delayed the deal on national security grounds, Caixin Global reported.
Last year, Ukraine and the US Commerce Department imposed sanctions on Beijing Xinwei and Beijing Skyrizon, blocking the takeover bid. Beijing Xinwei was delisted from the Shanghai stock exchange in June 2021 after posting losses of 26.5 billion yuan in the previous four years, Caixin Global reported. (ANI)
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