Gionee Officially Files For Bankruptcy
Further, Gionee’s founder Liu Lirong reportedly lost $144 million (approximately CNY 1 billion) to gambling making financial matters worse for the company. It was speculated that if restructuring is not a viable option, then Gionee would have to go into liquidation. Now, latest reports confirm that the company has filed for bankruptcy and a court in Shenzhen has accepted the bankruptcy application. Despite the financial woes, Lirong is hopeful that the company should be able to make a comeback in three to five years....