China's Tsinghua Unigroup says creditors have approved restructuring

BEIJING (Reuters) - Debt-laden Chinese chip conglomerate Tsinghua Unigroup on Wednesday said that a draft proposal to restructure the company had been approved by creditors.

Administrators will now submit the draft plan to Beijing No. 1 Intermediate People's Court for approval in accordance with Chinese bankruptcy laws, Tsinghua Unigroup said in a statement, without providing detail on what the restructuring would entail.

(Reporting by Beijing Newsroom; Writing by Tom Daly; Editing by David Goodman)

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