(Yicai Global) May 22 -- A court in Shanghai has relabeled Panda Entertainment Culture, the one-time operator of a defunct streaming platform and events manager founded by Wang Sicong, the son of a Chinese property tycoon, as a dishonest debtor after it failed to make good on another debt due today.
Panda Entertainment scored two more black marks as a deadbeat on May 20, according to the Tianyancha corporate information platform, but no further intelligence as to the status of these obligations has yet been forthcoming.
Designation as a dishonest debtor means Shanghai-based Panda Entertainment refused or neglected to pay a maturing debt when it had the means to do so.
The firm has racked up a total of nine existing demerits of this kind since August after it blundered into a cash flow tar pit that forced the shutdown of its game live-streaming platform Panda TV in March last year.
Wang Sicong is the only son of Wang Jianlin, the chairman of Dalian Wanda Group and one of China’s richest men.
Editor: Ben Armour