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.
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