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Wednesday, February 15, 2012
Explore Proview’s Abandoned Facilities in Shenzhen
Many years ago, Proview was the world’s fourth-largest flat-panel monitor manufacturer, and the company was making old-skool CRT and LCD monitors mostly for sale in developing markets. Today, Proview is on the verge of bankruptcy and needs a big settlement from Apple. Looking at the following pictures of Proview’s abandoned plant in Shenzhen Yantian district, you will know why Proview is retaliating against Apple in full force.
According to the local media, Proview’s facilities in Shenzhen have already been “deserted” since 2010. The computer monitor manufacturer settled in Shenzhen in 1991, and later stationed in the Yantian district in 1994. At that time, the plant hired 5,000 workers to spend long hours at monotonous tasks on assembly lines. A security guard who worked four long years at the Yantian district told the local press that workers at Proview made good wages at that time. However, in 2010, the plant did not plan to hire workers, leading some existing workers to withdraw from the workforce. Later that year, Proview transformed to a debt-laden Chinese technology firm after losing money because of global financial crisis.
You may be shocked, the net current liabilities of Proview International amount to 2.87 billion Yuan (456 million U.S. dollars) and its overdue loans reach 3.8 billion Yuan (603 million U.S. dollars). Moreover, all of the Proview International assets, including the trademark ‘IPAD’, have been seized as mortgage to eight banks — Bank of China, Minsheng Bank, China Development Bank, Guangdong Development Bank, Bank of Communications, Shanghai Pudong Development Bank, Huaxia Bank and Shenzhen Ping An Bank. On November 1 2011, the eight creditor banks of Proview convened a meeting to discuss the negotiation with Apple on the trademark dispute. Since Proview’s assets have been frozen by the banks, the eight banks become the beneficiaries of the iPad trademark.
So, now you know why Proview is putting so much efforts to get a huge-sum compensation from Apple. The compensation could be the last hope to help rescue the company.
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