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BELGRADE (Serbia), January 9 (SeeNews) - Chinese bus manufacturer Yin Long Group plans to start manufactiring two e-bus models in Serbia after it completes the acquisition of insolvent peer Ikarbus, the director general of the Serbian company, Aleksandar Vicentic, has said.
"They are planning to maintain an entire Ikarbus production programme of exceptional quality and to develop two new models of Ikarbus electric buses. Only the batteries of those two models will be made in China," Vicentic said in a video file posted on the website of Serbian public broadcaster RTS on Wednesday.
In March, Dragan Stevanovic, state secretary at Serbia's economy ministry, said Yin Long has repaid the outstanding debt of Ikarbus and will take control of the company. Yin Long plans to execute the transaction through its subsidiary Lanzhou Guangdong New Energy Automobile (LGNEA), Stevanovic noted back in March.
The Chinese investor will take control of Ikarbus after the company's restructuring plan receives a commercial court approval, Vicentic said.
"When the debts are greater than the value of the factory and bank guarantees cannot be obtained, a new owner can only be found through a reorganisation plan accepted by creditors," Vicentic explained
Ikarbus operates a factory in Belgrade's urban municipality of Zemun with a manufacturing capacity of 250 vehicles per year. The company currently produces low-floor and articulated city buses, as well as intercity buses.