Pantech’s new opportunity

Employees of Pantech's subcontractors are protesting. (Photo : NEWSis)

Three wireless/mobile service providers (SK Telecom, KT Corporation and LG Uplus) decided to delay Pantech’s repayment schedule for 2 years. This will help Pantech to earn some time to normalize its financial situation.

Three providers released the press release together in 24th saying that they will postpone Pantech’s repayment schedule for 2 years without interest. It is also said that three providers are planning to buy cell phones made by Pantech.

Pantech avoided being under legal management because of these resolutions. About 550 Pantech’s subcontractors were also able to get away from bankruptcy.

An official from mobile service providers said that “Postponing the repayment schedule is enough to show our intention of helping Pantech’s revival.”

But three providers were against the idea about setting buying quota for Pantech’s mobile phone. An official from a provider said “Buying mobile phones without considering stocks and market research is wrong,” and added that “Ordering new mobile phone needs to be based on a market analysis.”

Written by Han Sol Song graduated from Pennsylvania State University – University Park, Advertising/Public Relation