SOFIA (Bulgaria), March 28 (SeeNews) – Bulgarian car manufacturer Litex Motors has filed for bankruptcy with Sofia City Court citing 'over-indebtedness', according to the filing published on the website of the country's commercial registry.
“Litex Motors is in a state of insolvency (over-indebtedness) which is a reason for the opening of bankruptcy proceedings,” Litex Motors says in its filing with the court dated 27 February 2017.
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An injunction issued by the court on March 2 gives Litex Motors seven days to submit its latest audited annual financial report along with a statement on the company’s assets and liabilities as at February 27, a list of the company creditors and loan collaterals as well as evidence that the National Revenue Agency had been notified before the filing was submitted.
If the company fails to act upon the court’s instructions, the case will be dropped, reads the injunction posted on the website of the court.
Sofia-based Litex Motors is an automobile manufacturing company and official partner of China’s Great Wall Motors. The company has a car assembly plant near Lovech, in central northern Bulgaria.