Yonhap News AgencyMarch 5, 2014 05:39
SEOUL, March 5 (Yonhap) -- Creditors on Wednesday approved a debt workout program for Pantech Co., bank officials said, a move that could pave the way for the normalization of the country's No. 3 handset maker.
Last week, Pantech submitted a debt workout plan to its creditors, led by state-run Korea Development Bank (KDB), amid a poor cash flow for the second time in a little over two years.
The company was released in December 2011 from its five-year debt workout program, under which its creditors injected massive amounts of cash.