Troubled broadcaster ATV says it’s agreed on a deal with its provisional liquidator to stay on air until its free-to-air licence expires on April 1.
ATV’s senior public relations manager, Jeff Wong, said a court has agreed to a restructuring plan that the station’s new investor, Si Rongbin, proposed to the provisional liquidator, Deloitte.
He said the plan involves recruiting 160 staff to maintain its service, until its free-to-air licence expires on April 1.
The plan hinged on having enough money to sustain ATV, and in a dramatic moment earlier on Friday, Si Rongbin’s representative laid out a suitcase of cash in front of cameras, to prove that it has the funds to keep the 59-year-old station afloat.
Wong added that employees will receive this month’s wages by Saturday.
ATV has been criticised over late payment of staff in recent years.
The broadcaster failed to pay wages to its employees from July 2014 to January 2015, and was fined over the matter.