Finance

ZTE Seeks $10B In Financing, Ejects Board Over U.S. Issues

3 monthes ago   |   By Android Headlines

ZTE proposed a $10.7 billion financing plan and effectively resolved to eject its existing board of directors in the aftermath of its new settlement with the United States Commerce Department reached earlier this month. After being hit with a seven-year denial order banning it from obtaining any kind of American technologies, the China-owned firm managed to save itself from certain bankruptcy by replacing that sanction with a $1 billion fine going up to $1.4 billion and a variety of other concessions, including major management and board changes.
Over a quarter of all components and...
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