Caixin
Dec 12, 2018 05:04 AM
BUSINESS & TECH

Debt-Ridden Gionee Unveils Restructuring Proposal

Gionee amassed debts of 20 billion yuan as of Aug. 31. Photo: IC
Gionee amassed debts of 20 billion yuan as of Aug. 31. Photo: IC

Pioneering Chinese smartphone maker Gionee Communication Equipment Co. unveiled a bankruptcy reorganization plan after a year-long debt crisis left 648 creditors waiting to recoup some of nearly 20 billion yuan ($2.9 billion) of debts.

As Gionee informed creditors of the plan Monday at its headquarters in Shenzhen, most of them agreed with the bankruptcy reorganization, with restructuring details to be finalized, Caixin learned.

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