Borgward Auto Owned by UCAR to Undergo Bankruptcy Proceedings

(Source: Borgward Auto)

Borgward Auto, owned by Chinese travel and auto services firm UCAR, is to undergo bankruptcy proceedings, with a public announcement to be issued as soon as early July. “Borgward is inevitably doomed. It never made it, no buyer is interested in taking it over, so bankruptcy is by far the most preferable option,” said one source, a…