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. More importantly, it is no longer able to compete against the likes of LG and Samsung in its home market, according to The Wall Street Journal, where a month long sales ban further crippled the company. Pantech has spent the last few years juggling with its finances. Last year, it accepted investments from Samsung and Qualcomm, which own 10% and 12% of the company, respectively. Even with these investments, Pantech owes creditors about $961 million - or double the amount of assets its has. Pantech only brought three models to the U.S. in 2013, and hasn't brought any in 2014. If Pantech's court receivership is accepted by the bank, it will have about a year to come up with a restructuring plan.
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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.
RadioShack Declares Bankruptcy, to Sell Stores to Sprint
RadioShack today filed for Chapter 11 bankruptcy protection and signed an agreement to sell approximately 1,750 of its stores to Sprint. Under the terms of RadioShack's Chapter 11 filing, RadioShack will sell the stores to Sprint and General Wireless, a subsidiary of one of RadioShack's major investors.