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China's Tsinghua Unigroup says creditors have approved restructuring

China's Tsinghua Unigroup says creditors have approved restructuring
China's Tsinghua Unigroup says creditors have approved restructuring   -   Copyright  Thomson Reuters 2021
By Reuters

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.