By Alan Patterson, EETimes (July 11, 2021)
With debts exceeding its assets, Tsinghua Unigroup has acknowledged it is insolvent. The Chinese holding company, which owns chipmakers such as Yangtze Memory Technologies Co. (YMTC) and chip designer Unisoc (Shanghai) Technologies Co., said it will attempt a restructuring.
“Creditors said that our Group cannot pay off due debts, and assets are insufficient to pay off the debts,” Tsinghua Unigroup said in a statement on its website. “The Group has obviously become insolvent.”
Tsinghua said it has applied to the Beijing No. 1 Intermediate People’s Court for reorganization. The holding company said it will cooperate with the court to conduct judicial review, promote debt risk mitigation work, and support the court to protect the legal rights and interests of creditors in accordance with Chinese law.
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