Suffering from a severe cash shortage, Pantech Co., South Korea’s No. 3 handset maker, filed for court receivership Tuesday with a Seoul court five months after it was placed under a debt workout program.

“We want to deeply apologize for failing to fulfill the responsibility and role as a company, which resulted in applying for court receivership,” the company said in its official statement to investors after the decision was approved by its board of directors.

“We will continue to make strenuous efforts to normalize management as soon as possible by pooling together all possible means, no matter what the challenges are,” Pantech added. (Yonhap)