VinTech-backed Spanish phone maker BQ files for bankruptcy

Spanish electronic device maker BQ, which was acquired by Vingroup’s VinTech subsidiary, fell into a “state of insolvency” and has submitted for bankruptcy proceeding.

The Madrid-based company had debts amounting to 40.9 million euros ($49.6 million) compared to assets of nearly 13 million euros by the time it filed for bankruptcy, according to legal filings dated February 8.

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