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.