Tsinghua Unigroup Files Draft Debt Restructuring Plan for Court Approval

Tsinghua Unigroup has submitted a draft debt restructuring plan to a court for approval after reportedly securing a 60 billion yuan ($9.42 billion) cash injection from strategic investors to help pay off creditors, as the debt-plagued chipmaking giant attempts a reboot.

A consortium led by Beijing Jianguang Asset Management Co. Ltd. and Wise Road Capital Ltd. has worked with Unigroup on the draft plan, which has been sent to the Beijing No.1 Intermediate People’s Court for approval, according to a company filing (link in Chinese) to the Shanghai Stock Exchange on Monday.