LETV: three schemes will terminate tangled transactions

Updated 2017-07-31 16:31:22 Global Times

LETV is planning to terminate some of its connected transactions by the end of August, the Securities Times reported on Monday, citing CEO Liang Jun.

By the end of this year, the company aims to untangle at least 70-80 percent of the transactions among divisions of the group. And more of such cases are expected to be cleaned up in 2018, the report said.

According to the media report, to solve the problem, Liang will carry out three schemes synchronously: One, LeEco founder Jia Yueting will cash in by selling more assets; Two, there are still some good assets under those non-listed companies, so these will be converted into equity for listed companies in the form of debts; and three, non-listed companies will process some mortgages with its tangible assets.

During an exclusive interview with news website 163.com on Monday, Liang also shared more details about the company's corporate governance, such as strategy adjustment, streamlining processes and laying off employees.

Liang said that he would spend more time communicating with service providers. The company would also like to settle debts and will need to acquire continued services to survive.

LeEco's listed companies include LETV, LeSuperTV and Le Vision Pictures and its non-listed companies include LeMobile, LeSEE and LeSports, which have caused big losses.

Earlier this month, Sun Hongbin, the new chairman of the group, stated his optimism for the company's listed businesses.

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