Chinese chipmaker says creditor files for bankruptcy
Tsinghua Unigroup Co., a key player in China’s push for self-sufficiency in semiconductors, said on Friday that one of its creditors had asked a court to initiate bankruptcy proceedings for the group.
The state-backed chipmaker said it received a notice from a Beijing court that Huishang Bank Corp Ltd., a Hong Kong-listed bank based in Anhui province, has asked the court to initiate bankruptcy and reorganization proceedings on the grounds that he did not repay his debts, according to a Unigroup file on the Shanghai Stock Exchange.
Unigroup said in a statement on its website that it would cooperate with legal proceedings and ease its debt risks, while helping the court defend the interests of creditors.
Financial woes are striking for a company that in 2015 made headlines with an unsuccessful $ 23 billion bid for U.S. memory chip maker Micron Technology Inc. A 2019 study by the Organization for Cooperation and Development Development Fund for 21 global semiconductor companies ranked Unigroup as the top government support received from 2014 to 2018.
The bank’s request for Unigroup to be placed under bankruptcy protection is registered on the National Enterprise Bankruptcy Information Disclosure Platform, a platform for public access to information relating to bankruptcy cases in China.