Creditors of smartphone maker Pantech have approved a debt-workout program for the company.
At a meeting of creditor banks Wednesday led by main lender Korea Development Bank, 75 percent of the banks agreed to accept the workout proposed by the phone maker.
Pantech, which manufactures the Vega series of smartphones, entered a debt-workout program in 2007 and emerged successfully in 2011 after posting four consecutive years of profits.
The company sold off its headquarters and downsized operations to raise cash. But it soon got into trouble again, prompting it to apply for another debt-workout program.