Ailing South Korean handset maker Pantech could be within days of being wound-up, having failed to find any new backers, The Korea Times reported.
Apparently, the company has asked the courts to end its receivership, as it “could not find an appropriate bidder with the right valuation of Pantech”.
The paper said that the court will now gather opinions from interested parties. If it gives the liquidation process the go-ahead, its assets will be divided-up among creditors according to the appropriate rules.
Pantech’s woes have been well documented. Despite once being a strong player in its home market, it paled in comparison with Samsung, LG Electronics, and its international rivals, while also being unable to build much traction in overseas markets.
Its problems came to a head last year, as sales in its home market slowed, leaving operators with unsold inventory, impacting demand for new products.
While the company suffered cash-flow woes, there was still a hope a potential suitor would see value in the business – although this never came to fruition.