Proview Technologies is challenging Apple’s ownership of the iPad trademark in China. But while battling it out in the courtroom, the company is facing another challenge: potential bankruptcy.
A major creditor of Proview Electronics has moved to have the ailing technology company liquidated, reports Xinhua News Agency. Fubon Insurance, based in Taiwan, is seeking to recover US$ 8.68 billion, which the company owes. According to reports, Fubon is seeking to have Proview declared bankrupt in order for liquidation proceedings to commence.
Proview believes, though, that its own financial difficulties will not hamper it from successfully pursuing its trademark claim against Apple. The company wants to have its trademark sale validated because it claims the holdings company that acquired the “iPad” trademark in 2009 did not disclose that the actual brand buying the name will use it to market tablet computers.
Apple is currently appealing a lower court ruling favoring Proview, and says the value of the “iPad” brand skyrocketed after it started marketing the tablet computers in 2010. Should Apple lose its appeal, it will either have to market the iPad using another brand, or pay settlement fees to Proview.
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