Yonhap News AgencyFebruary 25, 2014 04:02
SEOUL, Feb. 25 (Yonhap) -- Pantech Co., South Korea's No. 3 handset maker, is expected to be placed under a debt workout program soon as it struggles with poor cash flows amid slumping sales, industry sources said Tuesday.
The company said it has filed for a debt workout program earlier in the day, some two years after it was released in December 2011 from its five-year debt workout program.
State-run Korea Development Bank (KDB) and other creditors will decide soon whether they will launch a debt workout program for Pantech, according to the sources.