China's Yinlong fully acquires insolvent Serbian e-bus maker

Following the successful acquisition of insolvent Serbian bus manufacturer Ikarbus by Chinese peer Yinlong Group, the firm will begin production of two e-bus models in the country, according to Ikarbus Director General Aleksandar Vicentic.

"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 to Serbian public broadcaster RTS.

Last March, Dragan Stevanovic of the Serbian Economy Ministry said that Yinlong had completed repayments of Ikarbus' outstanding debts and so would take over full control of the insolvent firm. He added that the Chinese firm would operate through its subsidiary Lanzhou Guangdong New Energy Automobile (LGNEA).

Vicentic said that Yinlong would officially take control follwing the approval of its restructuring plan by a commercial court. 

"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," said Vicentic.

Ikarbus runs a factory in the Zemun municipality of the capital Belgrade, which has a capacity of 250 vehicles a year. The company currently produces low-floor and articulated city buses, as well as intercity buses.

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