Gionee faces bankruptcy after failing to pay suppliers

Gionee is on the verge of bankruptcy after owing money to financial institutions, suppliers, and advertising and marketing agencies. The total debt is around CNY17 billion (about $2.45 billion), not without the handy help of its chairman Liu Lirong, who lost CNY1 billion while gambling in a casino. In a meeting between company representatives and suppliers, Gionee reportedly stroke a deal with major suppliers, but nearly 400 smaller companies are yet to hear what will happen with the money they are owed. If restructuring is not a viable option, Gionee will go into...

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