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Pantech Co., South Korea's No. 3 handset maker, is expected to file for a debt workout program later in the day to get back on its feet again amid a cash crunch, industry sources said.
The filing came some two years after Pantech was released in December 2011 from its five-year debt workout program.
Pantech trails after Samsung Electronics Co. and LG Electronics Inc. It once overtook LG Electronics in 2010 to become the country's No. 2 smartphone maker, thanks to strong sales of its Vega smartphone series.
The company started out as a small pager manufacturer. After it enjoyed early success as a handset maker, its shares were delisted in 2007 as debts increased and an acquisition of a local handset maker resulted in mounting losses.
The company was rescued through a massive cash injection and was put under the five-year debt rescheduling program in 2007.
But its financial footing has deteriorated recently as it struggled with falling sales from increased competition in the high-end smartphone market dominated by its bigger rivals and Apple Inc.
Its sales dropped 40 percent on-year to 1.07 trillion won ($999 million) in the first nine months of last year and suffered an operating loss of 245 billion won. (Yonhap)
The filing came some two years after Pantech was released in December 2011 from its five-year debt workout program.
Pantech trails after Samsung Electronics Co. and LG Electronics Inc. It once overtook LG Electronics in 2010 to become the country's No. 2 smartphone maker, thanks to strong sales of its Vega smartphone series.
The company started out as a small pager manufacturer. After it enjoyed early success as a handset maker, its shares were delisted in 2007 as debts increased and an acquisition of a local handset maker resulted in mounting losses.
The company was rescued through a massive cash injection and was put under the five-year debt rescheduling program in 2007.
But its financial footing has deteriorated recently as it struggled with falling sales from increased competition in the high-end smartphone market dominated by its bigger rivals and Apple Inc.
Its sales dropped 40 percent on-year to 1.07 trillion won ($999 million) in the first nine months of last year and suffered an operating loss of 245 billion won. (Yonhap)
