Investor says no hope for ATV
27 Mar – "There is no hope for ATV," said Wong Ching, one of the major investors of the broadcasting company, after it was revealed that there is no last minute saviour to rescue it.
According to Caixin News, Wong reportedly told the media that the last potential investor has rejected the funding plans to save ATV last weekend, and that there is likelihood that the 58-year-old company will close its curtains at the end of the month.
The real-estate developer also revealed that the company currently owes him HKD1.8 billion (approximately USD232 million) in debt, and that he has offered to sell it with a reduction of price up to HKD900 million (USD116 million).
However, investors were unable to even meet the amount, and were only able to offer around HKD200 to 300 million.
The company has been having financial trouble since it recorded a HKD400 million loss in 2014. It had since relied on shareholders to cover the salaries of its 700 employees.
Meanwhile, Deloitte, an accounting firm which was commissioned by Hong Kong's High Court last December to help sell a shareholder's stake in ATV, stated that buyers still might not be interested to buy the company even with a 50 percent off.
"There are still many questions about its license renewal, as well as other risks," said its representative.
(Photo source: orientaldaily.on.cc)
