State-Backed Investors Beat Out Alibaba for Unigroup
A consortium led by two Beijing tech-focused private equity funds beat out Alibaba Group Holding Co. Ltd. to become strategic investors in Chinese chip conglomerate Tsinghua Unigroup, the company said Friday.
The group led by Beijing Jianguang Asset Management Co. Ltd. and Wise Road Capital Ltd. will work with Unigroup to draft a restructuring plan to rescue the beleaguered group from a two-year debt crisis. The restructuring plan will need approval by creditors and the court.
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