Wang Sing, the former managing director of Tom Group, the media company controlled by the family of Li Ka-shing, could be the white knight riding to the rescue of debt-laden electronics-to-hotels group Goldwiz Holdings, a source close to the deal said.
However, the rescue plan is not just aimed at digging Goldwiz out of a debt hole, but saving Hutchison Whampoa - the Li family's listed flagship - from being burned in a soured hotel deal with the company.
Willie International Holdings, in which Mr Wang is a substantial shareholder, might be introduced as 'a corporate doctor', helping to reach a settlement with debtors of Goldwiz, the source said.
Even before Goldwiz's financial troubles came to light last year, the company was already struggling.
Goldwiz's borrowings were as high as $227 million as at September last year. This compared with the company's market value of about $360 million just before trading in the company's stock was suspended, according to its interim result.
Trading in Goldwiz was halted on January 3 this year after a factory in the mainland - not wholly owned by Goldwiz - had its operation suspended due to a critical liquidity problem
