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A court announcement on the new owner of cash-strapped Pantech Co. has been postponed due to unprepared paperwork, court officials said Tuesday, although a U.S. asset management firm was still in the lead to buy South Korea's No. 3 handset maker.
An announcement has been expected for days, but the Seoul Central District Court said a decision has been delayed until after the Lunar New Year holidays this week.
"The final decision will be made after the holiday, as the potential consortium failed to hand in some of the necessary documents," a court official said.
Industry watchers say Pantech will be sold for about 100 billion won (US$90.7 million), matching the estimate by Samjong KPMG, the sale manager, to a consortium led by One Value Asset Management based in Los Angeles.
Pantech was placed under court receivership six months ago, and the open bidding for its sale failed twice last year. The current deal is expected to be a private contract.
Sources close to the deal said Pantech's employees were promised their jobs for at least three years, and workers who had gone on temporary leave would be brought back.
The consortium had said last week that once named the winner, it will work with Tmall Global, an online shopping mall operated by Chinese e-commerce giant Alibaba, to widen the market for Pantech.
The company's creditors, led by the Korea Development Bank, in September attempted to sell the company and received letters of intent from a handful of tech firms in and out of the country. But none applied for the final bid even after the deadline was extended.
Pantech graduated from a five-year debt rescheduling program in December 2011, but its financial footing weakened again as it struggled with falling sales and stifling competition with other homegrown tech giants such as Samsung Electronics Co. and LG Electronics Inc.
The firm split off in 1991 from pager manufacturer Maxon and once ranked No. 2 in the local smartphone market. The company now takes up about 10 percent of the domestic market, behind Samsung's 60 percent and LG's 15 percent. (Yonhap)
An announcement has been expected for days, but the Seoul Central District Court said a decision has been delayed until after the Lunar New Year holidays this week.
"The final decision will be made after the holiday, as the potential consortium failed to hand in some of the necessary documents," a court official said.
Industry watchers say Pantech will be sold for about 100 billion won (US$90.7 million), matching the estimate by Samjong KPMG, the sale manager, to a consortium led by One Value Asset Management based in Los Angeles.
Pantech was placed under court receivership six months ago, and the open bidding for its sale failed twice last year. The current deal is expected to be a private contract.
Sources close to the deal said Pantech's employees were promised their jobs for at least three years, and workers who had gone on temporary leave would be brought back.
The consortium had said last week that once named the winner, it will work with Tmall Global, an online shopping mall operated by Chinese e-commerce giant Alibaba, to widen the market for Pantech.
The company's creditors, led by the Korea Development Bank, in September attempted to sell the company and received letters of intent from a handful of tech firms in and out of the country. But none applied for the final bid even after the deadline was extended.
Pantech graduated from a five-year debt rescheduling program in December 2011, but its financial footing weakened again as it struggled with falling sales and stifling competition with other homegrown tech giants such as Samsung Electronics Co. and LG Electronics Inc.
The firm split off in 1991 from pager manufacturer Maxon and once ranked No. 2 in the local smartphone market. The company now takes up about 10 percent of the domestic market, behind Samsung's 60 percent and LG's 15 percent. (Yonhap)
