BMW China Wins Creditor Approval to Buy Brilliance Auto Assets

BMW AG’s China unit won creditor approval for its plan to buy various assets from Brilliance Auto Group Holdings Co., the defaulted parent of the German automaker’s main joint-venture partner, according to people familiar with the matter.

The deal, worth around 1.63 billion yuan ($252 million), includes assets related to Brilliance Auto’s Zhonghua brand of vehicles, as well as a production unit, the people said, asking not to be identified because the details are private. The proposal won approval from creditors late Tuesday, they said. The BMW unit said the effort is still in the process of being ...