Gadget & Tech News

Filed under: Pantech

Sloughing off your CEO, getting in the door in a big way with AT&T, and continuing a focus on crazy design are all positive indicators for a down-but-not-out manufacturer looking to break into the elite Big Five, but at the end of the day, there’s nothing like a little cold, hard cash to get things kick-started. To that end, Korea Development Bank has hooked up with a bunch of creditors to provide Pantech with 120 billion won (about $129 million) to get back on its feet with payments deferred through 2011 (can we get hooked up with something like that for our car loan?). Pantech’s restructuring will ultimately result in some layoffs, sales of non-critical assets, and a massive share consolidation that’ll (somehow) result in the company raising about 151 billion won (about $163 million), while corporate parent Pantech & Curitel will raise another 305 billion won (about $328 million). It’s all Greek to us, but as long as it doesn’t result in a delay to our low-end 3G love on AT&T, we’re cool. Is that too much to ask? [Warning: subscription required]

Read | Permalink | Email this | Comments

Original post by Chris Ziegler