Chinese chip maker Tsinghua Unigroup faces bankruptcy restructuring after creditor takes it to court | South China Morning Post

Indebted state-backed semiconductor manufacturer Tsinghua Unigroup, once seen as China's biggest hope for reducing the country's reliance on imported chips, said on Friday that one of its creditors has requested a court to begin bankruptcy proceedings against the company. Citing its inability to pay off debts and a lack of assets that could cover those debts, the creditor requested a bankruptcy reorganisation of the conglomerate, which is also the parent company of Unisoc, China's largest designer of chips for mobile phones. The bankruptcy application was submitted by state-owned Huishang Bank at the First Intermediate People's Court of Beijing Municipality. "Our…