Pantech sold again for a negligible $9,000 - Techies Updates

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Saturday, October 28, 2017

Pantech sold again for a negligible $9,000

The South Korean cell phone creator has been sold for a negligible 10 million won ($8,800) because of obligations and the disappointment of new pursuits.

South Korean cell phone producer Pantech has been sold for 10 million won (around $8,800) because of its overwhelming obligations. 

Strong, which purchased the firm in 2015 from its unique authority, said the deal was unavoidable because of exacerbating financials and request from investors and leasers. 

Pantech suspended its cell phone organizations in May this year because of poor exhibitions. 

The organization survived chapter 11 preceding Solid and Optis purchased the firm two years back, promising to resuscitate it through Internet of Things (IoT) organizations and extending abroad to Southeast Asia. 

In any case, the organizations fizzled, and its most recent cell phone, IM-100, propelled a year ago, neglected to pick up force in deals. 

Pantech has now been sold to KNA Holdings, a forte firm framed by patent specialists. KNA Holdings will bear the telephone producer's 110 billion won ($97 million) obligation. 

Strong said the deal will enable the firm to keep on gaining income through patent sovereignties to pay back leasers and offer after-deals administrations to its clients. 

Not long ago, Solid sold Pantech's IoT business to a nearby hardware creator. It has likewise been offering its licenses since suspending its telephone business. 

Pantech once shaped a triumvirate in cell phones close by Samsung and LG, once notwithstanding overturning the last to wind up sprinter up. Yet, rising showcasing costs and declining prominence constrained it to chapter 11.

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