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China debt crunch

China's Tsinghua Unigroup says creditors back restructuring plan

Chipmaker clears a major hurdle as $9.2bn investment reportedly on way

Creditors representing more than 90% of outstanding claims voted in favor of the draft restructuring proposal at an investors' meeting on Wednesday, Unigroup said in a statement.   © AP

BEIJING (Reuters) -- China's debt-laden Tsinghua Unigroup on Wednesday said creditors had backed a draft restructuring proposal for the chip conglomerate after local media reported that a strategic investment of 60 billion yuan ($9.42 billion) was on the way.

Creditors representing more than 90% of outstanding claims voted in favor of the draft restructuring proposal at an investors' meeting on Wednesday, Unigroup said in a statement.

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