Tsinghua Unigroup, the former chip highflyer whose past and current business partners include global tech giants Intel and Hewlett Packard, has been forced into restructuring under China’s bankruptcy law, kicking off a process that could pave the way for the introduction of strategic investors like Alibaba, reported Caixin.
A Beijing court has accepted a creditor’s application seeking a reorganization of Tsinghua Unigroup, according to filings by its listed affiliates including Unisplendour Corp. and Unigroup Guoxin Microelectronics Co. on Friday.
A week ago, one of the creditors, Huishang Bank, filed the petition for the overhaul to Beijing No. 1 Intermediate People’s Court, citing unpaid debts and Unigroup’s lack of repayment capability.