Troubled ATV ‘in talks with six potential investors’ as boss offers to lend staff cash

Cash-strapped broadcaster ATV is in talks with six potential investors over the sale of a stake in the company, executive director Ip Ka-po said on Friday.

Each potential investor had signed a confidentiality agreement and two of them had paid a HK$500,000 fee demanded by the station to examine its accounts, Ip told local radio.

Buyers interested in acquiring 10.75 per cent of the free-to-air broadcaster have to submit their proposals by Monday.

The beleaguered station has not yet paid December’s salary to its 700-plus employees. It earlier also failed to pay wages on time for November.

Ip today said ATV’s majority shareholder, Wong Ben-koon, had offered to lend money to employees who might be having financial difficulties.

Those who borrow from Wong will have to sign a statement that they will return the money immediately if they quit their jobs.