Caixin
Apr 02, 2022 04:49 AM
FINANCE

Bankrupt Unigroup Gets $9.4 Billion to Advance Restructuring

A Beijing court in July ordered Unigroup to start bankruptcy proceedings.
A Beijing court in July ordered Unigroup to start bankruptcy proceedings.

Strategic investors who won the bidding to lead a debt restructuring of China’s Tsinghua Unigroup put in place the entire 60 billion yuan ($9.4 billion) of committed funding, completing a key step to advance the overhaul of the bankrupt semiconductor conglomerate.

A consortium led by Beijing Jianguang Asset Management Co. Ltd. (JAC Capital) and Wise Road Capital Ltd. made the full takeover payment, Unigroup’s administrators said Friday. The company will proceed with its bankruptcy process and arrange asset transfers and debt payments under court orders.

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