Wang Sicong, the only son of Wang Jianlin, the billionaire founder and chairman of Chinese conglomerate Dalian Wanda Group, reached an agreement with creditors after local courts declared him a debtor and placed curbs on his flamboyant lifestyle.

The 31-year-old will compensate dozens of investors in his now bankrupt entertainment firm and will shoulder a loss of almost 2 billion yuan ($286 million), according to a statement on the website of his investment firm, Prometheus Capital. It didn’t provide details.

Wang Sicong has been battling the fallout of the collapse this year of Shanghai Panda Entertainment Culture, which he founded in 2015 as a streaming platform and later diversified into event planning and animation. The failure prompted a court in Beijing in November to list the tycoon as a debtor, while Wanda Group distanced itself from the younger Wang’s woes.

Wang Sicong’s father, Wang Jinalong, whose net worth is about $17 billion as per the Bloomberg Billionaires Index, said in a speech in 2016 that his son didn’t seem interested in succeeding him at the helm of his empire. He said he thought it was better to hand Wanda over to professional managers with guidance from the board.

Related: Shanghai Court Freezes Assets of Wanda Group Founder’s Son Wang Sicong