Debt-ridden Tsinghua Unigroup, the former high-flying technology conglomerate affiliated with China’s top university, is seeking a massive bailout from deep-pocketed investors amid bankruptcy proceedings that could force the company to divest its semiconductor assets.
Unigroup, saddled with more than 200 billion yuan (US$30.8 billion) in total liabilities, is looking for a white knight with the financial resources to help clear its debts and industry experience to continue its semiconductor and cloud computing businesses, according to the company’s statement on Tuesday on the website of the National Enterprise Bankruptcy Information Disclosure Platform.
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