ATV's financial problems seem to have turned from bad to worse as the cash-strapped TV station is now scrounging for cash to pay its debts.

The troubled Hong Kong studio owed the government around HKD$10 million for broadcasting license fees and insurance. The Hong Kong Communications Authority gave ATV two months to settle the debt.

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Meanwhile, ATV Executive Director Ip Ka Po is raising cash for the company by inviting new investors to settle the debts.

Furthermore, Ip Ka Po also admitted that ATV is really financially hard up.

"[The debt] is a large number," said, saying the company needs tens of millions of Hong Kong dollars to settle the bills, including wages and license fee.

"We've been monitoring [ATV's financial situation] closely. At the moment, out bank account only has enough to pay the back wages for one month. We're still waiting for more money,"  Ik Ka Po continued.

He also emphasized that it is the company's main priority to settle employee wages.

Ip Ka Po also revealed that the main reason why ATV is now in dire straits is because of the lack of support from shareholders.

"I'm sure some clients had their own reason to do what they did. We are at fault for being unable to pay our workers on time," he said.

Ik Ka Po is now exploring every means available to obtain cash.

"Hopefully we can receive it by today or tomorrow. Our goal right now is to be able to pay the wages by the end of the month," he said.

TagsATV