Wang Sing, the former managing director of Tom Group, the media company controlled by the family of Li Ka-shing, could be the white knight riding to the rescue of debt-laden electronics-to-hotels group Goldwiz Holdings, a source close to the deal said. However, the rescue plan is not just aimed at digging Goldwiz out of a debt hole, but saving Hutchison Whampoa - the Li family's listed flagship - from being burned in a soured hotel deal with the company. Willie International Holdings, in which Mr Wang is a substantial shareholder, might be introduced as 'a corporate doctor', helping to reach a settlement with debtors of Goldwiz, the source said. Even before Goldwiz's financial troubles came to light last year, the company was already struggling. Goldwiz's borrowings were as high as $227 million as at September last year. This compared with the company's market value of about $360 million just before trading in the company's stock was suspended, according to its interim result. Trading in Goldwiz was halted on January 3 this year after a factory in the mainland - not wholly owned by Goldwiz - had its operation suspended due to a critical liquidity problem Already paralysed by debts and overdue payables of about $256 million at its electronics business, Goldwiz was dealt a further blow when a media report said the company stood to lose a $147 million yuan deposit lodged with Kinghing Trust & Investment. The news immediately cast doubts over Goldwiz's ability to repay Hutchison an overdue loan of about $195 million. While Hutchison told the South China Morning Post that the debt was fully secured, Mr Wang's influence was expected to save the conglomerate from embarrassment. The relationship between Hutchison and Goldwiz began in July 2002, when Hutchison Hotel Holdings sold Risdon, which owned 95 per cent of the five-star Harbour Plaza Kunming Hotel, to Goldwiz for $316 million. The transaction price was to be settled through a combination of cash and the issuance of a promissory note and a $155 million convertible note. Despite Goldwiz defaulting on repayments three times, Hutchison refused to take legal action, instead extending the repayment schedule. In many respects, Hutchison has become a victim of the hotel's success. Profit from the hotel operation increased to $13.1 million for the past financial year to March, up 89.9 per cent over the previous year, making the hotel one of the most profitable in the Goldwiz portfolio. The problem for Hutchison is that if it forecloses on the hotel, it runs the risk of a costly joint claim by debtors for the company's assets. This may explain why Hutchison sought the help of an independent party well-connected in Yunnan province. Mr Wang is well-known in the province, having cemented his reputation in the investment community after his high-profile rise to the top at Tom. Even his elder brother could become a player in the bid to rescue Goldwiz. As a party secretary in the province, Wang Jing has the connections and the clout to help settle a deal with debtors and save face for Hutchison. While Willie has declined to say whether it will invest in Goldwiz, it is understood that if it decides to get involved in the hotel's management, a deal will be signed next month.