Bulgarias Litex Motors, the owner and operator of the sole car assembly plant in the country, has filed for bankruptcy last month, reports in Bulgarian media said on March 28.
Founded in 2008, the company struck an agreement to assemble cars from kits provided by Chinas Great Wall Motors. The plant near Lovech in central Bulgaria began operations in 2011, but suspended work in January 2016.
Business news website Investor.bg reported that, at the time, there were claims that the cars assembled by Litex Motors did not meet EU safety and environmental standards, although the company denied such allegations.
Litex Motors was one of the largest debtors of the now-bankrupt Corporate Commercial Bank, Bulgarias fourth-largest lender by …
Read the full article at: http://sofiaglobe.com/2017/03/28/bulgarian-car-assembly-plant-files-for-bankruptcy-reports/
