By Herman Lai, posted Jul 31, 2012 at 2:54 AM, 351 views,

Proview Receives Over $15 Million Funds To Start a New Venture

After Proview settled the “iPad” trademark dispute with Apple for US$60 million earlier this month, the company is still unable to pay off its massive debts. And a week ago, there was report saying Proview was sued by its lawyer for unpaid legal fees stemming from the case. Recently, the chairman of Proview Rowell Yang says the company has received more than 100 million yuan (US$15.7 million) of funds from Chinese and foreign investors to build a new subisidary, which focuses on making LED lighting and bio-energy.

Proview used to have two subsidiaries based in Shenzhen and Wuhan specialized in developing and manufacturing LED goods back in 2008. But in 2010, the company’s CEO declared bankrupt and stopped operation until now. With this new venture, Yang is aiming to produce up to five million LED units per year, and hoping the new venture will help re-establish Proview in the future. But is that what will happen? Here’s words from Yang:

“The new company is an independent operation that is completely unrelated to Proview’s debt issues.”

Although Proview’s new venture is not be responsible for Proview’s debts, we think Yang will still pay off the debts to creditors, since the creditors are eight Chinese banks and a law firm.

Source: Sina