In a new twist to the sorry drama of Hong Kongs now-defunct Asia Television (ATV), the company is likely to avoid going into liquidation as a mainland China-based white knight has successfully acquired its majority stake and resolved its major debts totalling about HK$2.2 billion.
However, the embattled firm still needs to resolve its remaining smaller debts with other creditors including a debt of HK$24 million owed to Television Broadcasts (TVB), before it can enjoy a new lease of life for further development.
The latest development came as new investor Star Platinum Enterprises already resolved the firms debt of HK$2.1 billion owed to former major shareholder Wong Ching.
Mainland businessman found guilty of failing to pay…
Read the full article at: http://www.scmp.com/news/hong-kong/economy/article/2090518/atv-likely-avoid-liquidation-chinese-company-takes-majority
