Proview Technology, a Chinese company that is massively in debt, has been suing Apple in China and the United States over use of the ‘iPad’ moniker.
Proview, which claims ownership of the ‘iPad’ trademark in China, has in all likelihood been trying to piggyback off Apple’s massive cash sum in order to pay off what it owes to creditors.
While the American case has been thrown out, Apple has allegedly offered Proview a 100 million yuan ($16 million) settlement in a Chinese court, says The Next Web.
A report shared by Sina (via the Beijing Times) states that Apple offered 100 million yuan ($16 million) for rights to the mark in China but cash-strapped Proview would not agree terms. Proview is thought to be looking for at least $400 million in order to appease its creditors, eight of which are Chinese banks.
Apple has yet to launch the new iPad in China, the world’s most populous country. The company is likely waiting until this legal battle has finished until it makes that move. Apple says it had acquired the ‘iPad’ trademark in China back in 2010, so it’s frustrating when companies like Proview try to get a piece of Apple’s money bags.