Qualcomm Assumes Partial Ownership of Pantech
As part of a debt-to-equity restructuring program, Pantech has decided to parcel off some of its worth to Qualcomm. Qualcomm will become a minority shareholder in both Pantech & Curitel Communications and Pantech Co., owning no more than 15% of each company. Qualcomm will not participate on either company's board of directors nor will it play any leadership role. The deal will be completed in stages and should take several months to finish. It still needs to pass several regulatory hurdles before final approval. Pantech took the opportunity to reiterate its commitment to bringing more phones to all the markets it serves, including the U.S.
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.
Qualcomm to Cut Jobs Amidst Cost Restructuring
Qualcomm today said it will pursue aggressive cost restructuring, including the elimination of jobs, as it seeks to balance its financials. Qualcomm indicated it plans to slash $1.4 billion in expenses through a number of different actions, including job cuts of about 4,500, or 15% of its work force.
Pantech committed to U.S., who cares!!!