China chip maker Tsinghua Unigroup to default on US$450 million bond as concerns mount over debt levels on mainland

//China chip maker Tsinghua Unigroup to default on US$450 million bond as concerns mount over debt levels on mainland

China chip maker Tsinghua Unigroup to default on US$450 million bond as concerns mount over debt levels on mainland

Chinese chip maker Tsinghua Unigroup said that it cannot repay the principal on a US$450 million bond due on Thursday, the latest default by the company and a blow to Beijing’s efforts to build a self-sufficient semiconductor industry.The failure to repay principal on its debt could trigger cross-defaults on as much as US$2 billion in additional debt held by the company, which is majority owned by a division of Beijing’s prestigious Tsinghua University. Tsinghua Unigroup has additional bonds…

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By | 2020-12-10T07:21:48+00:00 December 10th, 2020|Technology|Comments Off on China chip maker Tsinghua Unigroup to default on US$450 million bond as concerns mount over debt levels on mainland