China’s Tsinghua Unigroup says creditors have approved restructuring

FILE PHOTO: The logo of Tsinghua Unigroup is seen in its office in Beijing
FILE PHOTO: The logo of Tsinghua Unigroup is seen in its office in Beijing, China, November 15, 2015. REUTERS/Kim Kyung-Hoon

December 29, 2021

BEIJING (Reuters) – Debt-laden Chinese chip conglomerate Tsinghua Unigroup on Wednesday said that a draft proposal to restructure the company had been approved by creditors.

Administrators will now submit the draft plan to Beijing No. 1 Intermediate People’s Court for approval in accordance with Chinese bankruptcy laws, Tsinghua Unigroup said in a statement, without providing detail on what the restructuring would entail.

(Reporting by Beijing Newsroom; Writing by Tom Daly; Editing by David Goodman)