An opiniopn is raised that it will not be beneficial to any creditors or Pantech workers if Pantech were to be settled at a value of 50 million dollars, which is 100 million dollars less than the estimated value. CKT real estate Company, who submitted an application that it intends to buy out Pantech, proclaimed that Pantech needs to focus R&D abilities on loT business and not on Smartphone business. One can guess that CKT is intending to revive Nokia-like Pantech.

Lee Sang Kyu representative at CKT introduced a plan to revive Pantech using what is called `Nokia style solution` which designs are integrated with Chinese manufacturing platform at the press conference that was held at President Hotel in Seoul. CKT submitted an application to buy out Pantech, but was rejected by the court for being poorly qualified. As of right now, it submitted a petition and formal objection to the court.

CKT started off its business as a social company trying to legalize permanent resident system for overseas Chinese and now it operates educational foundation companies with 7 other companies in South Korea and China. It is planning to build self employment communities ‘Tsinghua Institute of Science and Technology’ in Incheon by cooperating with Tsinahua holding company, Posco Engineering, and SUNY Korea in September.

The purpose of this institute is for smart hospital, smart city, loT business, and startup incubating, and CKT is claiming that it needs high-rank researchers from Pantech for this institute.

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<An opiniopn is raised that it will not be beneficial to any creditors or Pantech workers if Pantech were to be settled at a value of 50 million dollars, which is 100 million dollars less than the estimated value. CKT real estate Company, who submitted an application that it intends to buy out Pantech, proclaimed. One can guess that CKT is intending to revive Nokia-like Pantech.>

CKT also emphasized that it can have a competitive edge in Chinese market by having this institute as its basis.

"It is estimated that settlement value for Pantech, which includes factories and intellectual properties, is around 44million dollars when it used to be 150.5 million dollars end of last year. There is no reason to settle when Pantech has difficulties repaying the whole overdue wages and severance pays.” Shim Young Taek, who is in charge of buying out Pantech at CKT(professor at Seoul National University) said about the settlement process.

He also said that CKT intends to put 100 researchers into loT R&D development and put the rest of the workers into reemployment program for 2~3 years while working without pay. While withdrawing from Smartphone business, it is going to maintain its brand name as Pantech. He didn’t mention about exact settlement value, but mentioned that CKT has a fund about 200 million dollars that it can use.

But CKT left a suspicion when it avoided giving exact answers when asked about last sales and financial status. When asked about why it didn’t directly get in contact with Pantech, it said that it is because CKT didn’t have a right to preferentially negotiate with Pantech. Lastly CKT said that it had a difficulty to map out an exact plan for repayment plan for debts because it didn’t have an actual knowledge about the size of the bonds.

“It is hard to change court’s decision with this current plan because the court found CKT as inadequately qualified due to having obscure development and revival plan.” A person affiliated with business circle said about why CKT will have a hard time of buying out Pantech.

Staff Reporter An, Hochun | hcan@etnews.com