Debt-ridden Tsinghua Unigroup, the former high-flying technology conglomerate affiliated with China’s top university, is seeking a massive bailout from deep-pocketed investors amid bankruptcy proceedings that could force the company to divest its semiconductor assets, reported the South China Morning Post.
Unigroup, saddled with more than RMB 200 billion ($30.8 billion) in total liabilities, is looking for a white knight with the financial resources to help clear its debts and industry experience to continue its semiconductor and cloud computing businesses, according to the company’s statement on Tuesday on the website of the National Enterprise Bankruptcy Information Disclosure Platform.
The potential investor, or group of investors, must have RMB 50 billion in minimum total assets in the past year or possess RMB 20 billion in minimum net assets, according to the statement.
“The strategic investors should have operational capability and managerial experience in semiconductor and cloud businesses,” the group said in the statement. “They must be able to promote the development of our core businesses.”