Pantech, the third largest smartphone maker in South Korea has been saved from bankruptcy by a last minute bid from a potential buyer before the end of the deadline. The company has signed a Memorandum of Understanding with South Korean optical disc (ODD) manufacturer, Optics on June 16 under the order from the Seoul Central District Court’s approval.
Pantech has been in receivership since August last year and the company was facing liquidation after they couldn’t woo any potential suitors. The company held talks with different three potential buyers this year but no agreement was reached.
Last Minute Buyer Saves Pantech from Bankruptcy
Optics is a respected South Korean company which specialises in manufacturing and insiders at Pantech are hoping for a favourable outcome.
Optics is said to have made a deposit of $2 million for the company; both companies would begin a month-long cross-inspection and baring any hindrance the deal is expected to be completed by July 17th.
“Since an MOU has been signed between the two parties, we believe the possibility is high that it will go through,” said a court spokesperson, stressing that the companies will still have to wait for next month’s final signing off.
Source: Zdnet.com
