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.
Pantech Files for Bankruptcy
Pantech filed for court receivership today, which is the South Korean equivalent of declaring Chapter 11 bankruptcy. The company has seen its share of the global market drop precipitously.
Pantech Files for Bankruptcy In the US
Pantech's U.S. operations filed for Chapter 15 bankruptcy today, following similar legal moves in the company's home market of Korea.
Pantech Puts Itself Up for Sale
Pantech, based in Korea, has staked a For Sale sign in its front lawn. The company, which declared the equivalent of bankruptcy last month, is seeking a buyer to scoop up the entire business.
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.
Sprint May Scoop Up Half of RadioShack's Stores
RadioShack and its creditors might sell half the company's stores to Sprint and close the remaining locations, reports Bloomberg. Sources familiar with the companies' plans suggest Sprint would rebrand the RadioShack stores, which would cease to exist as stand-alone electronics stores.