Proview may engage in LED lighting
2012-July-30 Source: Szdaily web edition
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Shenzhen Proview, the deeply in debt company that won a US$60 million settlement from Apple Inc. in late June after a trademark dispute, likely will expand into LED lighting, Shenzhen Economic Daily reported yesterday.

The newspaper quoted Proview founder Yang Rongshan as saying that Proview has advantages and technological strength in energy-saving industries such as LED lighting, spurring some investors to increase interest in the company.

But Yang didn't give details such as the amount of new investments.

Even though Proview won the US$60 million settlement, which is still frozen by a local court, Yang said he felt sorry that the company's debtors couldn't yet be fully paid.

"We have tried our best to pay suppliers and debtors and felt sorry that some of them couldn't be fully paid," Yang said.

The compensation from Apple is well less than 20 percent of what Proview owes. Proview's debtors include eight banks that had unpaid loans totaling US$400 million.

Last week, two law firms that worked with Shenzhen Proview sued the company for overdue legal fees totaling 45 million yuan (more than US$ 7 million).

Yang said he hadn't received the related court notice yet. He acknowledged signing contracts with Grandall Law Firm and others during the trademark dispute with Apple. Four law firms worked for Proview on the case, but none of them had received payments for legal fees as of the weekend, according to the Southern Metropolis Daily.

Xiao Caiyuan, a senior partner of Guanghe Law Firm, one of the four firms hired by Proview, said Proview must give priority to paying its legal fees because that was stipulated in their contract.

But Yang said the two sides were both aware that the settlement would remain in a court-held account given Proview's long line of debtors.

Editor: Olivia
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