Pantech Hopes Debt Restructuring Gives It More Time
Pantech has reached out to its creditors in hopes that they'll allow the ailing firm to restructure its debt. At the moment, Pantech owes creditors more than the entire market capitalization of the company. "Through this [debt] workout, we expect to improve Pantech's financial status and secure a stable flow of liquidity," said Pantech. Pantech's creditors haven't yet agreed to the proposition. Pantech announced reorganization plans last September. It furloughed hundreds of employees, and is no longer selling phones outside of its home market. The last device Pantech brought to the U.S. was the Breeze IV for AT&T.
Jolla Announces Layoffs Amidst Restructuring
Jolla today said the company is restructuring its finances and laying off the bulk of its employees. Jolla was launched by former Nokia employees and created Sailfish OS and several phones and tablets.
Verizon to Delete Its Paid Visual Voicemail Service
Verizon Wireless said it will discontinue its $2.99 Visual Voicemail service come July 8. All customers who use the Visual Voicemail app will be transitioned to Verizon's free, basic voicemail service.
Consumer Advocates Lodge Complaint Against T-Mobile
Several consumer protection advocates are asking the Consumer Financial Protection Bureau to investigate T-Mobile's business practices. In particular, the groups believe T-Mobile's "no-contract" advertising is deceptive, and its debt-collection policies are predatory.
Vertu to Close Up Shop
Vertu is through. The company plans to shutter its doors and jettison some 200 employees, according to the Financial Times.