Tsinghua gets votes for reorganization plan at creditors’ meeting

By Marisa Wong

Los Angeles, Dec. 30 – Tsinghua Unic Ltd. and guarantor Tsinghua Unigroup Co., Ltd. convened a second creditors’ and shareholders’ meeting on Dec. 29, according to a company announcement.

Each voting group voted to pass the reorganization plan with respect to the consolidated reorganization of seven enterprises including Tsinghua Unigroup.

The voting groups comprised a voting group of creditors with claims secured by property, a voting group of common creditors and a voting group of shareholders.

In accordance with the Enterprise Bankruptcy Law of the People’s Republic of China, the administrator will subsequently submit the application for the approval of the draft restructuring plan to the court.

The plan will only become effective after court approval, and there is still uncertainty whether it will be approved, according to the announcement.

Tsinghua Unic’s $750 million 5 3/8% bonds due 2023 and $200 million 6½% bonds due 2028 continue to be suspended from trading. The suspension took effect on Nov. 18, 2020.

The chip maker supplies digital infrastructure and services and is based in Beijing.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.