Seoul Central District Court initiates Pantech receivership

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Seoul Central District Court initiates Pantech receivership

Seoul Central District Court yesterday decided to initiate a court receivership program for Pantech.

The smartphone maker applied for court receivership last week.

The court decided to promptly commence the receivership program because of the potential impact of Pantech’s collapse on its 550 suppliers and partner companies.

Lee Joon-woo, chief executive officer of Pantech, was named to lead the receivership program, However, the court will appoint a chief restructuring officer recommended by creditors.

In addition, the procedure will be fast-tracked and the court will look into merger and acquisition options.

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