Over the past few months, we’ve heard countless rumors regarding Pantech’s struggling finances, but now the reality that the company is actually winding down is sadly just around the corner.
Pantech was once the second largest smartphone manufacturer in South Korea, but it accumulated a massive debt, which resulted in the company having to place itself on the open market in 2011.
However, it failed to find a buyer and, consequently, the handset manufacturer was placed under court protection in August, but to date still hasn’t found a purchaser to cover its financial obligations; meaning it will more than likely have its assets sold in order to pay back some of the millions it owes.
According to data held by the Financial Supervisory Service, Pantech’s total assets are worth 268.3 billion won (US$242.52 million), as opposed to its total debt of 996.2 billion won(US490.48 million) as of end of Dec 2014.
Here is what Pantech had to say on the matter:
“Despite our 10-month long efforts, we could not find an appropriate bidder with a right evaluation of Pantech … Being unable to take our duty and role as a company, we have decided to apply for the end of the normalization procedures.”
The firm has now applied to the Seoul Central District Court to end its receivership. If the court accepts the application, it will consult parties of interest on how to proceed, which will likely result in Pantech being served with a liquidation order.
That’s all we know for now, but be sure to check back as we’ll update you with the latest news on the matter as and when it breaks.
Source: KoreaTimes
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