Gionee declares bankruptcy, enters liquidation
We have some good news and some bad news about Gionee. The good news is that one day there may be a movie about what happened. The bad news is that the company has officially entered bankruptcy.
A court in Shenzhen has accepted the application for liquidation bankruptcy by Huaxing Bank. This may still turn into a company reorganization – Gionee hired restructuring consultants last week. Founder Liu Lirong thinks that the company can turn its fortunes around in 3-5 years.
However, Gionee owes a total of CNY 20.2 billion (around $3 billion) to 648 creditors. About half of the debt is to…