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February 10, 2016 10:29 PM ET

Technology Hardware, Storage and Peripherals

Company Overview of Pantech Corp.

Company Overview

Pantech Corp. manufactures and sells various cellular telephone handsets. The company offers its products under VEGA and Pantech brand names in North America, Japan, and South Korea. Pantech Corp. was formerly known as Pantech & Curitel Communication, Inc. and changed its name to Pantech Corp. in December, 2009. Pantech Corp. was founded in 1991 and is based in Seoul, South Korea. Pantech Corp. operates as a subsidiary of Pantech Co., Ltd.

Pantech R&D Center

I-2, DMC Sangam-dong

Mapo-go

Seoul,  

South Korea

Founded in 1991

Phone:

82 2 2030 0114

Key Executives for Pantech Corp.

Chief Executive Officer, President and Director
Age: 52
Head of Finance Team and Assistant Managing Director
Age: 46
Head of Marketing Division and Vice President
Age: 56
Head of Human General Affair and Assistant Managing Director
Age: 50
Head of Joongang Research Center, Vice President and Director
Age: 52
Compensation as of Fiscal Year 2015.

Pantech Corp. Key Developments

New Owner Of Pantech Is Reported To Be Announced Soon

The new owner of Pantech Co., Ltd. is set to be announced soon, industry sources said on February 23, 2015, with a United States asset management firm highly likely to win the bid through a private contract. According to sources close to the matter, the cash-strapped Pantech will be sold for about KRW 100 billion to a consortium led by One Value Asset Management. One Value has shown strong willingness to purchase Pantech, pledging to guarantee the job security of some 1,500 workers, including those on paid leave. The Seoul Central District Court is expected to make an official announcement soon. "If the takeover process continues as planned, it will be completed by March," said a court official, "Then, Pantech could resume its normal management from April."

Samsung Electronics, SK Telecom, LG Electronics, Micromax Informatics, Huawei Technology And Xiaomi Inc. In Talks To Acquire Pantech

Samsung Electronics Co. Ltd. (KOSE:A005930), SK Telecom Co. Ltd. (KOSE:A017670), LG Electronics Inc. (KOSE:A066570), Micromax Informatics Limited, Huawei Technology Co., Ltd. (SZSE:002502) and Xiaomi Inc. are reportedly in talks to acquire Pantech Co., Ltd. After the first auction ended in November without attracting any bidder, sources said, three new bidders submitted their letters of intent to the Seoul Central District Court on December 30, 2014 and December 31, 2014.

Pantech Seeks New Owner Via Private Negotiations

Pantech Co., Ltd. which is under court receivership is trying to secure operating funds through overseas sales and drastic handset price cuts as it is desperately seeking a buyer for the resale of the company. Though the recent inventory sales might help Pantech, it still needs a buyer as it pushes ahead with the resale of the company after public bidding ended without a bidder. The handset maker and Samjong KMPG, an accounting firm that supervises disposal procedures, said on that they have agreed upon a resale. 'We will stick to selling the company again, we cannot give up just because we failed to attract a bidder one time", a Pantech spokesman said. The accounting firm said the resale will be conducted through private negotiations, not public bidding. A detailed schedule for the resale is expected to be decided on through a discussion between creditors and stakeholders slated for December 5, 2014.

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