Yihe's Chen says he has new lenders

Yihe’s owner Steve Chen says he has new lenders to help him pay off his debts and get his company back up and running, and a court-appointed receiver is no longer necessary, sources told IntraFish Monday.

Reached in China on Tuesday, Chen would not confirm reports of having new funding or his plans for Yihe's future. "I do not want to talk about it now," he told IntraFish.

It’s unknown at this time which Chinese financiers have agreed to help Chen settle his company’s debt, but a person close to situation wishing to remain anonymous, said Chen has secured enough money to repay the more than $488,000 owed to Resource One Holdings LLC, which filed a claim against against Yihe in August.

James