Chinese chip maker Tsinghua Unigroup faces bankruptcy restructuring after creditor takes it to court

//Chinese chip maker Tsinghua Unigroup faces bankruptcy restructuring after creditor takes it to court

Chinese chip maker Tsinghua Unigroup faces bankruptcy restructuring after creditor takes it to court

Indebted state-backed semiconductor manufacturer Tsinghua Unigroup, once seen as China’s biggest hope for reducing the country’s reliance on imported chips, said on Friday that one of its creditors has requested a court to begin bankruptcy proceedings against the company.Citing its inability to pay off debts and a lack of assets that could cover those debts, the creditor requested a bankruptcy reorganisation of the conglomerate, which is also the parent company of Unisoc, China’s largest…

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By | 2021-07-11T10:00:25+00:00 July 11th, 2021|Business|Comments Off on Chinese chip maker Tsinghua Unigroup faces bankruptcy restructuring after creditor takes it to court