Changhong secures RMB 3bn credit line

Troubled TV maker Sichuan Changhong Electric Appliance Co. announced it had secured an RMB3bn (US$360m) emergency line of credit to help cover the cost of operations in the face of heavy losses incurred from its biggest distributor, US-based Apex Digital. China's "big four" state-run banks have also granted the troubled TV-manufacturer RMB8.5bn in credit and would soon offer another RMB1bn in loans to help the company further, the China Securities Journal reported. Sichuan Changhong, one of China's top three TV-makers, sued Apex in December, claiming the distributor had defaulted on bills worth US$467.5m plus interest.