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Illegal borrowing of LeTV sports over 200 million yuan claims – Financial news – Sina News Center



Illegal borrowing LeTV Sports claims more than 200 million yuan

Source: Beijing Business Daily

Beijing Business News (Reporter Qian Yu Internal Reporter Feng Shuo) On November 9, LeTV.com announced that it recently received "Arbitration Application", the applicant is LeTV Sports Investors Beijing Pusi, Xiamen Jiayu, Tianhong Innovation. The amount of arbitration applied to the original shareholders was approximately 240 million yuan. Among them, Beijing Pusi LeTV Sports claimed contract infringement to override shareholders interests and demanded that LeTV Sports compensate for the financial loss of RMB 978.16 million, LeTV Leverning, Leele Interactive and Beijing Pengyi's obligation to pay for LeTV Sports in the first arbitration request. Take joint and several responsibilities.

According to the announcement in December 2016, LeTV Sports revealed at a shareholders meeting that LeTV Sports borrows more than RMB 4 billion to related LeTV Holdings without the consent of the board or the general meeting. Since the funds were owned by affiliated companies, Leshi Sports's normal business activities were severely affected. A large number of companies could not be implemented because of financial barriers, and even they were charged and held responsible for the inability to repay their external debts. As a result, Beijing Investment's investment interests suffered losses.

It is understood that LeTV Sports introduced investors in April 2016, signed the "B-Round Shareholders Agreement" and "B-Round Financing Agreement" and allowed more than 40 investors to raise capital in the form of cash and debt-to-equity swaps. 7.833 billion yuan. "B-round Shareholders" Agreement states the repurchase terms of the original shareholders (cum LeTV, Lele Interactive Sports Culture Development (Beijing) Co., Ltd, Beijing Pengyi Asset Management Center (Limited Partnership).

In addition, according to the "Restructuring Plan" formulated by LeTV Sports on July 26, 2017, LeTV Holdings still has a principal loan of 2,471 billion yuan and interest has not been returned. Currently, LeTV Sports Capital Chain is broken and it is difficult to resume normal operations. The creditor has submitted a process and has been listed by many courts as a breach of the trustee. The applicant's equity has been seriously damaged.

In March 2014, Leshi Sports Culture Industry Development (Beijing) Co., Ltd. was formed. formally based on LeTV Sports Channel, developed from a single video editorial site to "Event Management + Content Platform + Intelligent + Value Added Services". Whole industry chain sports eco company.


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