LeEco's Coolpad says lawsuit filed against unit over loan due next month

A Coolpad 7290 phone is placed on a table at a mobile phone market in Shanghai, January 24, 2013. REUTERS/Aly Song/File Photo

HONG KONG: Chinese smartphone maker Coolpad Group, part of the cash-strapped LeEco technology conglomerate, said on July 27 that a bank has sued a subsidiary, demanding early repayment of an 80 million yuan (RM50.80mil) loan due Aug 15.

LeEco, a smart cars to online content conglomerate that is grappling with the fallout of expanding too fast, has been under growing pressure from its creditors and business partners. This month a court in Shanghai ordered a freeze on some of its assets over late payments to a bank.