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Hong Kong, 12 Dec 2017 - The High Court today has sanctioned the Scheme of Arrangement between Asia Television Limited (“ATV”) and its Scheme Creditors. Mr Christopher So Man Chun (“Mr So”) and Mr Victor Jong Yat Kit (“Mr Jong”), partners of PricewaterhouseCoopers (“PwC”), appointed by the Court as the Chairmen of Scheme Meeting and the Scheme Administrators, welcomed the sanction of the Scheme of Arrangement (“the Scheme”) which they believe is the best solution for all stakeholders.
A creditor petitioned for winding up of ATV in February 2016 and provisional liquidators were subsequently appointed by the Court to handle the liquidation process. In April of the same year, the television broadcasting service of ATV was suspended as a result of the rejection of its license renewal application. With the involvement of the new investors in the restructuring of ATV, the Court discharged the provisional liquidators from office in May 2017, and allowed the new investor to continue the restructuring of ATV. In July 2017, Mr So and Mr Jong were appointed by the Court as the Chairmen of the Scheme Meeting for the Scheme. Since their appointment, the Chairmen of the Scheme Meeting have been proactively handling the Scheme matters and affairs and assisted ATV to communicate with its Scheme Creditors on the details of the Scheme. On 12 September 2017, the Scheme received overwhelming support from the Scheme Creditors who voted in favour of the Scheme. Today, the Scheme was sanctioned by the Court and Mr So and Mr Jong were appointed by the Court as the Scheme Administrators.
“Going forward, we will use our best endeavours to complete the work contemplated in the Scheme in a swift manner, so that ATV’s debt issues can be fully and satisfactorily resolved. The utmost priority for the Scheme Administrators is to adjudicate all of the Scheme Creditors’ claims. We are dedicated to finishing the adjudication work in the shortest possible period so that the Scheme Creditors can receive their entitlement of Scheme funds as soon as possible.” says Mr So, Partner in our Restructuring and Insolvency practices in PwC Hong Kong.
Subject to the procedures of the Scheme sanctioned by the Court, all Scheme Creditors will be distributed with their entitlement of Scheme funds. The entire process is expected to be completed in the second quarter of 2018.
To conclude, Mr Jong, a partner in the PwC Greater China Restructuring and Insolvency practices says, “We are delighted that the Scheme of Arrangement between ATV and its Scheme Creditors has been sanctioned by the Court. The effort made in the past six months by the management of ATV and the professional parties have finally paid off with success in obtaining the Court’s sanction. This is the result of a period of considered and thorough discussions, and we believe it is the best resolution for all stakeholders.”
To keep up to date on the future development of ATV, please refer to the company’s announcements.