Pantech Is Struggling to Repay The Debt It Owes to Creditors
Another Chinese producer that is getting ready for the launch of a new amazing smartphone is Pantech, a company that seems to have some big problems. Pantech is currently struggling to repay the debt it owes to creditors and tries to sell more phones to the mobile networks, but the support received is very bad.
A spokesman at Pantech said to The Korea Times publication the following: “The situation won’t get better as local carriers refuse to accept our repeated pleas to purchase Pantech mobile phones. Pantech plans to file for backruptcy with a Seoul court next week”. Right now, Pantech has $19 billion supplier debts of that it cannot repay to local component suppliers.
Even if the three mobile networks agreed to extend the repayment terms for the debts that Pantech owes them, it seems that this is insufficient for the company. In this way, we expect that soon the Pantech company to be sold to a Chinese or maybe an Indian vendor.