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post in: Films Date:05 Dec 2012, 21:16 views:839
Illustration: Angelica Alzona, leEcos dream of breaking into the US market and competing against Apple is now farther from reality than ever before. The Chinese tech firms American operation has had a difficult year with missed payrolls, disappearing employees, and overall poor sales.
But the latest development in LeEcos financial woes is sure to make things go from bad to worse. Its All Over Now But the Screaming: Inside the Unraveling of LeEco in America. In songs 2016, rising Chinese tech star LeEco made an aggressive move to conquer the unfamiliar US market.
Read more, a Chinese court froze 182 million in assets tied to LecEco founder and chairman Jia Yueting due to unpaid loan payments, according. The New York Times. The ruling also affected assets linked to Yuetings wife and three other LeEco affiliates.
The Shanghai High Peoples Court made the ruling last week, which clamped down on the assets linked to loan for the LeEcos private smartphone brach, Le Mobile. LeEco began mounting debt in 2016 when it tried funding its US expansion by raising more than 6 billion.
The heavy borrowing has taken a toll. Yueting admitted to shareholders last week that the company had made some mistakes with allocating funds. The cash problems at the non-publicly traded businesses are more serious than when this crisis erupted,.
Jia told investors, according to a transcript. Our businesses are constantly using cash to repay loans, having a huge impact on their operations. LeEco has confirmed the frozen assets.
Times, the company has resources to cover the debt and will work with China Merchants Bank to repay.