HONG KONG — Ping An Insurance Group and other investors have agreed to contribute to an $11.3 billion bankruptcy restructuring package to secure and rejuvenate a financially troubled corporate empire established by China’s top university.
Peking University Founder Group (PKU Founder), a state-owned conglomerate founded by the university, has been in a Beijing court-supervised bankruptcy proceeding since February 2020.
On Friday, court-appointed administrators reached an agreement with Ping An and two municipal governments in the southern province of Guangdong to lead the restructuring.
According to the announcement from Ping An and the administrators on Friday night, the New Founder Group will be established based on assets held by P…
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