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...
Source: https://www.gsmarena.com/gionee_faces_bankruptcy_fail_pay_suppliers-news-34440.php
