Korean mobile phone manufacturer Pantech has filed an application for bankruptcy protection in a U.S. court. The company submitted an application for bankruptcy protection of its US$1 billion in debt and US$500 million assets to the U.S. Bankruptcy Court in Georgia. U.S. Patent troll Acacia Research has sued Pantech last year accusing the Korean company of infringing its mobile communication technology. If this request is accepted, Pantech will be under the management of U.S. Bankruptcy Court.
Pantech said that the move would protect the company from lawsuits currently in progress in the U.S.
Pantech also filed for legal management to Seoul Central District Court last August, and the Court decided to start the reorganization procedures.
Samjung KPMG is among the candidate buyers for Panthech through a bidding process expected to start by the end of the month. Huawei, ZTE and Lenovo are also said to be interested in buying Pantech.