China Chip Giant Tsinghua Unigroup Says Creditor Seeks Bankruptcy - Nikkei Asia

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TAIPEI/HONG KONG -- Embattled Chinese tech flagship Tsinghua Unigroup confirmed Friday that one of its creditors has asked a court to begin bankruptcy proceedings for the group, in the latest setback to China's goal of building a self-reliant semiconductor industry. State-backed Tsinghua Unigroup -- the parent company of many chipmakers, including China's No. 2 mobile chip developer UNISOC -- said it had received a notice from the First Intermediate People's Court of Beijing Municipality. A creditor has requested the court to support the bankruptcy protection for the conglomerate, saying the group has failed to repay debt.

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