October 20, 2014 12:57
Pantech said Sunday it has applied for bankruptcy protection in the U.S., listing debts of US$1 billion and assets of $500 million in a filing in Atlanta.
The ailing phone maker went into court receivership here earlier this year.
Also known as Chapter 15, the filing protects foreign companies from lawsuits in the U.S. and claims by creditors as they seek to return to normal operations in their home country.
Pantech said it was trying to stop an ongoing copyright infringement suit in the U.S. Patent troll Acacia Research sued Pantech last year accusing the Korean company of infringing its mobile communication technology.
Pantech’s creditors have been busy selling off its assets in Korea. Samjong KPMG, which oversees the sale, received letters of intent from interested buyers until Oct. 7 and plans to begin the sell-off process as early as Oct. 29.
Industry sources say Chinese handset makers Huawei, ZTE and Lenovo are interested in buying Pantech.
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