Korean phone maker Pantech files for bankruptcy in the US
Following it’s collapsing business back in it’s home country, South Korean phone manufacturer Pantech, has filed for bankruptcy in the United States and hopes that love will be shown.
The company, again, put itself up on sale back in August after purported plans by India’s Micromax to buy a stake in the company collapsed earlier this year.
Pantech are so much in debt that over 37 percent of the company has been taken over by creditors back in April. The Korean maker believes it can fetch about $366 million if a suitor comes forward and buys the company.
Meanwhile, South Korea holds two of the top five biggest names in the mobile phone industry — Samsung and LG Electronics.