China’s Tsinghua Unigroup calls first reorganization creditor meeting

Chicago, Aug. 30 – Tsinghua UNIC Ltd. is convening a first creditors’ meeting at 9:30 p.m. ET on Oct. 17, according to a press release.

The company is starting a substantive consolidation and reorganization of the guarantor and the six subsidiaries.

Previously reported, Tsinghua defaulted on its interest payment due July 31 for its $750 million 5 3/8% guaranteed bonds due 2023.

The default has also triggered a cross-default on the company’s $200 million of 6½% guaranteed bonds due 2028.

Both notes were guaranteed by Tsinghua Unigroup Co. Ltd.

In accordance with a court announcement on July 19 on the national enterprise bankruptcy information disclosure platform, creditors should submit claims by Oct. 8.

Claims can be submitted via the trustee, Citicorp International Ltd.

The company had announced at the beginning of the year that it was unable to pay the principal due at maturity on its $1.05 billion 4¾% notes that matured on Jan. 31.

Trading in the bonds has been suspended on the Stock Exchange of Hong Kong Ltd. until further notice.

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

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