Over the earlier few months, we’ve heard numerous rumors relating to Pantech’s suffering budget, however now the fact that the corporate is if truth be told winding down is unfortunately simply round the nook.
Pantech used to be as soon as the 2d biggest telephone producer in South Korea, however it collected an enormous debt, which ended in the corporate having to put itself on the open marketplace in 2011.
However, it did not discover a purchaser and, as a result, the handset producer used to be positioned beneath courtroom coverage in August, however up to now nonetheless hasn’t discovered a buyer to hide its monetary duties; that means it's going to probably have its belongings bought with a purpose to pay again a few of the tens of millions it owes.
According to knowledge held by way of the Financial Supervisory Service, Pantech’s overall belongings are value 268.3 billion gained (US$242.52 million), versus its overall debt of 996.2 billion gained(US490.48 million) as of finish of Dec 2014.
Here is what Pantech needed to say on the topic:
“Despite our 10-month lengthy efforts, shall we now not in finding the best bidder with a proper analysis of Pantech … Being not able to take our responsibility and position as an organization, we now have made up our minds to use for the finish of the normalization strategies.”
The company has now implemented to the Seoul Central District Court to finish its receivership. If the courtroom accepts the software, it is going to seek the advice of events of pastime on the best way to continue, with a view to most probably lead to Pantech being served with a liquidation order.
That’s all we all know for now, however you'll want to test again as we’ll update you with the recent information on the topic as and while it breaks.
Come remark on this newsletter: Pantech is on the road towards liquidation