Co-Prosperity (00707) said it agreed to acquire 52.42% equity interest in Asia Television Limited (ATV) and major debts at HK$10 million and HK$490 million, totaling HK$500 million.
An aggregate amount of HK$280 million has been paid to the relevant vendors at this stage.
After the completion of the acquisition, Co-Prosperity shall propose a scheme of arrangement to the creditors of ATV by which all liabilities of ATV shall be assumed by Co-Prosperity and a debtequity swap would be executed. It has been in discussion and negotiation with various vendors in the industry of advertisement, media, culture and entertainment such as, but not limited to, content providers, programme producers, distributors, cable TV operators, and satellite transmission operators for future cooperation with ATV and further business development. If the plan to rescue ATV can proceed as planned, Co-Prosperity believes it will be able to recover its investment in ATV.
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