ATV investor in new rescue plan to avoid liquidation as HK$88 million in wages and pensions hang in balance
Details sketchy and former staff still concerned they won’t be paid
Defunct broadcaster Asia Television's fate remains unknown as its current investor continued his bid to save the debt-stricken company from liquidation.
Mainland investor Si Rongbin, whose flagship firm China Culture Media has put ATV under its control, submitted a new rescue plan for ATV through another company, Star Platinum Enterprises Limited, the High Court heard on Tuesday.
Si's legal representative told the court that Star Platinum had already reached a preliminary agreement with ATV's former boss Wong Ching, who had filed a petition at the High Court to wind up the troubled firm to recoup his losses.
Star Platinum would need more time to finalise the details with Wong, the court heard.
But Si's lawyer did not reveal in court whether the latest proposal was significantly different from China Culture Media's previous plans to save ATV.
Apart from Si, businessman Zhao Dong and listed company China Trends also vowed last month to come to ATV's rescue with their own investment plans. But neither Zhao nor China Trends disclosed on Tuesday whether they were still in discussions with Wong.
Representatives of former ATV staff, who also took part in the winding-up petition, voiced concerns over whether they would actually be paid.
A total of 530 former employees are owed HK$88 million comprising unpaid wages and pensions, the court heard.
Whether the embattled firm, deprived of its licence, can continue to operate in another form remains an open question. At issue is whether Wong will withdraw his liquidation petition against the company.
