Investors line up to purchase what remains of ATV

Three separate investor groups are vying for debt-stricken and defunct broadcaster Asia Television, the High Court heard on Monday.

Apart from ATV’s current investor and creditor China Culture Media, which is controlled by mainland investor Si Rongbin, it emerged that Zhao Dong, a potential investor whose nationality was not specified in court, had also offered to save the troubled firm.

Zhao is currently in discussions with ATV’s former boss and largest creditor Wong Ching, who initiated proceedings in the current case to wind up the broadcaster to recoup his losses.

The hearing on the liquidation petition was adjourned until May 3 pending further details provided by the potential white knights, including listed company China Trends.

Wong, who did not attend the hearing on Monday, said through his lawyer that Zhao’s preliminary proposal included plans to advance HK$50 million to pay former ATV’s staff their owed salaries.

Meanwhile, China Trends, which took part in the petition as one of ATV’s creditors, said it had plans to inject money into the distressed company in return for the broadcaster’s shares.