Changhong TV plans takeover of US distributor

One of China's biggest television manufacturers, Sichuan Changhong, was reportedly planning a takeover of bankrupt US-based distributor Apex Digital, which owes Changhong about US$470m. According to the 21st Century Business Herald newspaper, cited by Xinhua, an unnamed Changhong source said that taking over Apex would provide Changhong with direct access to the US market and retailers such as Wal-Mart. A purchase plan would be released by early February, the source said. The paper said it was unclear how Apex racked up the losses in its distribution partnership with Changhong. However, Apex president David Ji, a naturalized US citizen from China, was arrested in Shenzhen in October over alleged fraud related to bank bills.