Pantech Begs Telecoms to Buy Its Smartphones

      August 05, 2014 10:28

      Cash-strapped Pantech has sent appeals to domestic mobile service providers to buy its smartphones.

      Pantech on Monday claimed it and its suppliers face closures "unless product purchases and payments resume immediately."

      Telecoms on July 24 said they will roll over Pantech's debts for two years but have refrained from ordering more handsets citing ample inventory.

      Pantech said it asked telecoms to make additional purchases by Tuesday or it would have to file for court receivership as it finds itself unable to honor short-term debt obligations.

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