April 14, 2014 11:24
Indian mobile phone make Micromax is seeking to buy ailing Korean smartphone producer Pantech, which is in a debt-workout program.
A staffer at main creditor Korea Development Bank on Sunday said Micromax "has voiced its interest" in buying Pantech.
Micromax specializes in low-end smartphones and apparently hopes to foray into the high-end market by acquiring Pantech, which has superior technology.
KDB and other creditors of Pantech apparently started talks with Micromax. A number of other companies, including from China, are also said to be interested.
Pantech, which produces the Vega series of smartphones, ranks No. 3 in the domestic market after Samsung and LG but sought a debt workout last month after it no longer had the financial ammunition to keep up with the competition. This is the second debt workout since 2007, when Pantech sold off its headquarters building to repay its debts.
The company managed to post a profit for four years and got back on its feet in late 2011, but then its financial condition deteriorated again.
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