Changhong announced that it has won a three billion RMB (362 million; US$1 = 9.3 RMB) line of credit from the Agricultural Bank of China to help patch over the US$467.5 million in accounts receivable from Apex. The bank is also planning to create a facility for Changhong to manage and settle accounts for trade -- services that would also be offered to Changhong's partners, including Apex.

 

The line of credit will help stabilize China's largest TV maker, which is a major source of revenue in Sichuan. Changhong stock has dropped by nearly a quarter since the reports of Apex's debt first surfaced in late December. 

 

Under an earlier arrangement for 2005, the Bank of China, Construction Bank, and the Industrial and Commercial Bank of China will be extending credit of 8.5 billion (US$1 billion).