Financially troubled touchpanel maker Wintek Corp (勝華科技) yesterday said its restructuring plan has been approved by the Taichung District Court.
Wintek filed the financial restructuring plan and an emergency injunction seeking court protection of its assets in October last year.
The court appointed three trustees to oversee the company’s restructuring program.
As of the third quarter of last year, Wintek had accumulated liabilities of NT$53.5 billion (US$1.73 billion), the company said in a filing with the Taiwan Stock Exchange.
Lower-than-expected demand for touchpanels over the past few years, along with heavy investments to upgrade its touchpanel technology and expand its capacity caused heavy losses for the company, Wintek spokesman Jay Huang (黃忠傑) told a press conference in October last year.
Creditors and shareholders can file creditors’ rights between May 7 and May 26 at the company’s plant in Taichung, Wintek said, adding that it would convene a meeting with creditors and shareholders at the plant on June 15.
Wintek has 167,204 shareholders, according to the company’s annual prospectus.
In the first three months of the year, Wintek posted revenues of NT$100.53 million, down 99.38 percent from NT$16.3 billion last year, according to its filing with the Taiwan Stock Exchange.
Wintek’s stock was recently suspended from trading after the firm failed to declare its financial results for last year in the regulated time period.
The company is to be delisted from the stock market 40 days after its filing in accordance with the Operating Rules of the Taiwan Stock Exchange Corp (臺灣證券交易所股份有限公司營業細則).
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