Most of remaining staff at troubled Hong Kong broadcaster ATV receive termination notices
Provisional liquidator Deloitte says station does not have sufficient funds to operate beyond April 1
Most of the remaining staff at troubled broadcaster Asia Television have received their termination letters, the station’s court-appointed provisional liquidator announced on Thursday night.
Deloitte said in its statement that the letters were issued seven days before the effective date of termination, which is April 2.
According to the terms of the employment contract between ATV and the relevant employees signed on March 5, the station had to give staff seven days’ notice to terminate employment.
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Deloitte, acting on behalf of ATV’s major creditor Wong Ching, did not state how many staff members received the termination notices. But the accounting firm said it would retain an unspecified number of security guards and engineering personnel to help it discharge its duties to preserve the company’s assets.
“ATV does not have sufficient funds to ensure continuation of its operations beyond April 1,” Deloitte said.
It said the funds provided by investor China Culture Media, which had vowed to keep ATV alive after its free-to-air TV licence expires in a week, would be used to cover the station’s operating expenses up until 11.59pm on April 1.
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The provisional liquidator will take into consideration whether ATV would incur more liabilities and whether creditors’ interests would be affected before making relevant applications to the court to sanction its continued operation.
Wong intends to wind up ATV to recoup his losses after an incomplete deal to sell the controlling stake in the station to China Culture Media boss Si Rongbin. His petition against ATV is to be heard by the High Court on April 13.
ATV’s analogue channels are to be taken over by public broadcaster RTHK, while its digital spectrum will be allocated to new TV licensees.
