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. The company has been in receivership since August and put itself up for sale last month. Chapter 15 bankruptcy is reserved for organizations that need to protect themselves when their international parent company becomes insolvent. Pantech has been trying to restructure its debt all year, but has so far failed to do so. It believes it can get about $366 million by selling off the entire company. If there are any bids for the failing phone maker, they have not yet been made public.
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