Dry on cash, CPT cuts salaries

OTHER LCD NEWS: Terry Gou has reportedly given up his controlling stake in SDP, which is building an LCD plant in Guangzhou, in a bid to distance himself from China

Taipei Times
Date: Sep 13, 2019
By: Lisa Wang  /  Staff reporter

Chunghwa Picture Tubes Ltd (CPT, 中華映管) yesterday said that most of its employees would only receive part of their monthly salaries as the company has run out of cash due to slumping orders.

The LCD panel maker has used up all of its working funds and would not be able to pay severance fees, retirement fees and other perks, it said in a filing with the Taiwan Stock Exchange.

CPT had applied for insolvency protection with the Taoyuan District Court, but its hopes were dashed after the court on July 29 rejected its restructuring plan and overruled its final appeal.

“The company has depleted all its capital and failed to fully pay employees’ August salaries on Sept. 11,” CPT said in the filing. “The board of directors has approved the proposal to pay employees part of their salaries on Sept. 12.”    [FULL  STORY]

Leave a Reply

Your email address will not be published. Required fields are marked *

This site uses Akismet to reduce spam. Learn how your comment data is processed.