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August 29, 2017

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Leshi faces US$240m unpaid debt suits

LESHI Internet Information & Technology Co, the listed firm of debt-laden LeEco, said yesterday it is involved in 33 ongoing lawsuits worth over 1.62 billion yuan (US$240 million) in unpaid debts.

Shenzhen-listed Leshi has halted trading of its shares for several months since LeEco was found to lack capital needed to run its business in online video, TV, smart phone, film production and new energy car.

Thirty-three companies, including publishers and electronic component suppliers such as state-owned Zhejiang Radio & TV Group and Taiwan-based Compal, have sued Leshi for unpaid debts, which amounted to 1.60 billion yuan and US$3.73 million.

Leshi posted a loss of 640 million yuan in the first half, a reversal from a profit of 280 million yuan a year ago, it said.

In January, cash-strapped LeEco secured a US$2.2 billion investment from a group led by property developer Sunac China Holdings.

Leshi and its new investor pleaded with suppliers and investors for “more time to repay debts and a rebound in business,” the company said last month.


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