Shanghai New Power Automotive Technology's (SHA:600841, SHA:900920) unit, SAIC Hongyan Automotive, received approval from the court to reorganize, according to a Shanghai bourse filing on Monday.
Chongqing Anji Hongyan Logistics, a creditor of SAIC Hongyan, applied for SAIC Hongyan's restructuring at the Chongqing No. 5 Intermediate People's Court as it was unable to pay debts, but still has value and feasibility, the Chinese diesel engine manufacturing company said.
Anji Hongyan Logistics is seeking due claims worth 77.6 million yuan from SAIC Hongyan.
Shanghai New Power Automotive's A shares fell over 1% during midday trade.
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