News Snapshot:
China’s Tsinghua Unigroup said on Friday that it had received a notice from a Beijing court saying that its creditors have called for a restructuring of the indebted chip conglomerate. The development at Tsinghua Unigroup , which is 51% owned by China’s Tsinghua University and led by former real estate mogul Zhao Weiguo, comes after its debts mounted following a string of acquisitions that failed to deliver meaningful profit. Tsinghua Unigroup said in a statement on its social media account that its creditors had told the court that it cannot pay off its debts and that its existing assets are...
