China's Tsinghua Unigroup says creditors have approved restructuring

BEIJING - 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.