More News
MANUFACTURING | Staff Reporter, Singapore
view(s)

Chip assembler Global A&T files for bankruptcy in New York

A debt of US$1b dragged the company.

According to Bloomberg, Global A&T Electronics, a Singapore-based chip assembler that took on hefty debt a decade ago through a buyout by TPG Capital and Affinity Equity Partners, filed for bankruptcy as a 2013 debt exchange came back to haunt it.

The chip-assembler listed debt of more than US$1b and assets of over US$500m in Chapter 11 papers filed Sunday in U.S. Bankruptcy Court in New York.

Pursued by bondholders since 2014, when a GSO Capital Partners fund and others cried foul over the debt exchange, Global A&T finally seemed to put the problem behind it when it announced a settlement in mid-September. At the same time, other bondholders had come forward to say they weren’t giving up their own lawsuit over the debt exchange, brought in 2017.

Read the full report here.

Do you know more about this story? Contact us anonymously through this link.

Click here to learn about advertising, content sponsorship, events & rountables, custom media solutions, whitepaper writing, sales leads or eDM opportunities with us.

To get a media kit and information on advertising or sponsoring click here.