Pantech goes up for sale

News Wireless Korea, Republic of 26 SEP 2014
Pantech goes up for sale

South Korean mobile-phone maker Pantech is now for sale, Cnet reported. The company filed for bankruptcy in August but has now been forced to seek a full buyout.

Pantech and its creditors presented a plan to sell the company to the Seoul Central District Court and a public notice was issued on 25 September. Bidders will have until 3.00 pm on 7 October to submit offers. The decision to sell is largely based on the discernible discrepancy between the company's liquidated value and going concern value. Pantech's liquidating value stands at KRW 189 billion (USD 182 million), while the going concern value is more than double that amount at KRW 382 billion (USD 366 million).

Market speculation have named a few possible suitors, namely SK Telecom, Samsung, LG and Hyundai Motor Group. India’s Micromax had earlier also looked at the company.

Categories:

Mobile

Companies:

Samsung,  Pantech,  SK Telecom,  Hyundai,  Micromax

Countries:

Korea, Republic of

Tags:

Handsets, Corporate strategy, Financial funding, M&A buyouts & divestments

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