On the evening of January 22, 2018, Lotte released a clarification announcement to further 'confrontation' with the issues of connected debts issued on the same day of the LeTV Holdings and Unlisted Corporate Debt Group ("LeTV Debt Panel") as of November 2017 On the 30th, the balance of the Company's related arrears reached RMB7,531 million. As of the date of this announcement, the debt settlement amount actually reached by the Music Section Debt Group and the listed company was RMB92,900,000.
On the same day, the LeTV debt group issued a statement saying that LeTV Holdings and other related parties assumed a repayment of about 6 billion yuan for LeTV, instead of 7.5 billion yuan disclosed in the announcement of listed companies; among the above 6 billion yuan of debts, over 3 billion Yuan has a corresponding solution.
Debt data differences
LeTV January 22 announcement said the statistics by the financial department of listed companies, as of November 30, 2017, listed companies and Jia Yueting controlled by the formation of a large number of accounts receivable, other receivables, prepayments, etc. Over the previous year. The Company's related-owe balance amounted to RMB7,531 million, involving more than 50 related parties, including RMB2,583 million from LeTV Intelligent Terminal Technology Co., Ltd., 993 million from LeTV Mobile Intelligent Information Technology (Beijing) Co., Ltd., ) Limited 566 million yuan, Music Television Holdings (Beijing) Co., Ltd. 486 million yuan, music as the mobile e-commerce (Beijing) Co., Ltd. 441 million yuan.
LESTV Debt Group said the same day the statement that the music network notice 7.5 billion yuan debt and the LeTV Holdings and the debt data held by the group there are some differences between the two sides of the difference between the data include inconsistent book value, the relevant subjects found inconsistent, unaudited And other factors.
Music as the debt department team said it will step up the non-listing system and the listing system reconciliation work, a clear music and other related parties listed companies should be responsible for the amount of debt associated with listed companies.
LeTV debt group also said that more than 3 billion yuan of debt has been the solution, and to speed up the implementation, including the previous listed companies have announced that the non-listed companies Music Financial, LeTV Mall and other high-quality assets in order to inject debt into public companies Etc .. The remaining debt of more than 2 billion yuan will be completely resolved under the premise of laws and regulations.
LeTV as stated in this announcement, as of the date of this announcement, Jiayue Ting debt groups and listed companies has reached a debt settlement amount of 92.9 million yuan, that is, the company controlled subsidiary of the new music as the wisdom intended to 92.9 million yuan price Let the music as e-commerce business sites (music as mall) and related resources, intellectual property and other assets.Letvision Investment (Music Television) equity transfer price has not yet been determined.
LeTV faces nine major risks
The evening of January 19, LeTV notice, suggesting that the decline in performance in 2017, the actual control person may change 9 major risks, disclosure of the company's board of directors to develop risk response measures, requiring Jiayue Ting responsible for the listed company caused by its debt, broaden the financing Channel, maintain the company's cash flow and reactivate the business.
The major risks associated with LeTV suggest that it is mostly related to the related parties of LeTV, including the possible risk of change of actual controller of the Company. The risk of repossession of some related parties is risky. The non-performance of loan commitment by Jia Youting and Jia Yuefang led to the cash loss of the Company The risk of tense flow, the risk of further cash flow due to the expiration of the existing debts of the Company, the risk of the Company's sharp decline in 2017 performance and the risk of significant uncertainty in the performance of some of the Company's operations.
LeTV said it would adopt all means including legal measures to instruct Jiayue Pavilion and its related parties to stop disposing of the related equity and assets of Leica Automobile (Beijing) Co., Ltd., Faraday Future, Lucid and other controlled by them to a third party and give priority to Used to effectively solve its actual debt to listed companies.
In addition, LeTV intends to terminate the major assets reorganization with LeTV, terminate the change of company name, short form of stock.