Photo/Shetuwang

Jan. 3 (NBD) -- QvodPlayer's creditors have voted through the first distribution plan of insolvent assets, according to a recent legal document concerning the video player's bankruptcy.  

Founded in December 2007, QvodPlayer once dominated China's online video-on-demand market with a market share of 80 percent and around 500 million users. The company declared bankruptcy in mid-November of 2019 as per the ruling of Shenzhen Intermediate People's Court. 

Pursuant to the distribution plan, insolvent assets available for distribution are worth 123 million yuan (17.7 million U.S. dollars), and the amount of claims totals 148 million yuan. Bankruptcy expenses and community liabilities that shall be paid first or reserved are 7.98 million yuan. 

Upon the completion of the distribution, the company will have all the employees' rights and tax creditors' rights discharged, and 76.4772 percent of common creditors' rights will be cleared off.  

Email: gaohan@nbd.com.cn