China's LeTV vows to make good as debt hits US$1.18 bln

Leshi Internet Information and Technology Corporation, or Le.com, said in its latest announcement that the company has accumulated a total debt approaching 7.531 billion yuan (US$1.18 billion), Yicai.com reported.

The company, formerly trading as LeTV and one of the largest online video companies in the country, said it has formed a large number of accounts receivables, other receivables and prepayments with entities controlled by Jia Yueting, the founder of Le.com.

More than 50 related parties are involved, including owing Leshi Intelligent Terminal Technology Co. Ltd. 2.583 billion yuan.

Other creditors include Leshi Mobile Intelligent Information Technology, Leshi E-commerce, LeEco and Leshi Mobile E-commerce.

The company has promised to vigorously promote the substantive settlement of the debt problem with the related parties of Jia.

(ASIA TIMES)