China chip maker Tsinghua Unigroup defaults on $450 million bonds triggers cross-defaults worth $2 billion
STOCKS
China chip maker Tsinghua Unigroup defaults on $450 million bonds triggers cross-defaults worth $2 billion
STOCKS

China chip maker Tsinghua Unigroup defaults on $450 million bonds triggers cross-defaults worth $2 billion

 

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Chinese chip maker Tsinghua Unigroup said that it would not be able to repay the principal on a $450 million bond due on Thursday, the latest default by the company and a blow to Beijing’s efforts to build a self-sufficient semiconductor industry.

The failure to repay principal on its debt could trigger cross-defaults on as much as $2 billion in additional debt held by the company, which is majority owned by a division of Beijing’s prestigious Tsinghua University. Tsinghua Unigroup has additional bonds set to come due next year, as well as in . . .

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