Titan Zhihua Technology (00872) issued an announcement. On March 21, 2024, the company learned that a judgment had already been handed down 2...
According to Zhitong Finance App News, Titan Zhihua Technology (00872) issued an announcement. On March 21, 2024, the company learned that a judgment had been delivered to Titan Automotive Solutions N.V. (the company's indirect wholly-owned subsidiary in France, Titan France) on behalf of the bankruptcy trustee of Titan Automotive Solutions S.A.R.L (the company's indirect wholly-owned subsidiary in Belgium, Titan Belgium) on March 8, 2024.
According to the ruling, Titan Belgium was ordered to pay approximately 8.9 million euros (along with accrued interest plus certain legal and miscellaneous expenses). This amount is believed to be the amount Titan France should have collected from Titan Belgium in accordance with the R&D agreement between the two parties. If neither party has appealed the judgment before April 8, 2024, the judgment will be final.
The company is seeking legal advice on the ruling, the possibility of appeal, and next steps. The Company will continue to evaluate the impact of these matters on the Group's situation and will do its best to protect the overall interests of the Company and its shareholders and stakeholders.