Neta has struck a debt-for-equity swap deal with 134 core suppliers worth more than 2 billion yuan ($275 million) in preparation for resuming production, according to local media.
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Category: Neta Team
Neta is restructuring its channel system and will gradually close down directly-managed stores and retain dealer stores, according to local media.
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One insider said Neta's layoffs could reach up to 70 percent, while another said the percentage varies by division and is not that high overall.
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Former Goldman Sachs managing director Pan Deng has joined Neta as its new CFO to head the IPO of the brand's parent company Hozon.
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