NXP to buy back unsecured debt, says FD

Dutch chip maker NXP, a former subsidiary of electronics giant Philips, is planning to bring out a bid for some of its unsecured debt from investors, the Financieele Dagblad reports on Thursday, quoting confidential sources.

The sources say new CEO Richard Clemmer has been working on the proposal in deep secrecy since he joined the firm in January.
The holders of unsecured debt are the last to be paid during bankruptcy proceedings, the paper says, pointing out that S&P and Goldman Sachs both expect NXP to go bankrupt.

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