Representatives from a consortium of prospective buyers met with the chief of Pantech Co. on Wednesday to discuss its bid for the embattled handset maker, industry sources said, accelerating its move to conclude the deal.

The officials from the consortium, led by optical manufacturer Optis, visited Pantech's headquarters in Seoul and had a meeting with President Lee Joon-woo and other executives to talk about their proposed 40 billion won ($35.7 million) takeover bid, the sources familiar with the matter said. 

Their visit came a day after the Seoul Central District Court gave approval to the consortium's bid after three attempts to sell the cash-strapped company failed due to lack of interest. Market watchers said the court's latest decision will likely give Pantech another opportunity to rebuild its business that had once grown into the second-largest handset maker in the country.

The consortium led by Optis has signed a memorandum of understanding with Pantech, with the two sides set to complete the deal by July 17, according to the court.

Pantech was put under court protection in August 2014, as it faced sales slumps in the midst of growing competition from bigger rivals such as Apple Inc. and Samsung Electronics, as well as emerging Chinese players that focused on low-end devices.

The ailing firm was on the brink of liquidation after it asked the court to end its receivership in late May following three unsuccessful attempts to sell.

Optis, founded by a former Samsung Electronics employee, is one of the country's biggest optical manufacturers that mainly sells optical storage devices. It posted 600 billion won in sales last year. In 2014, the company acquired a 49.9 percent stake in TSST, formerly a joint venture between Samsung Electronics and Toshiba Corp. (Yonhap)