Pantech has recently announced (18th) that it has entered into a debt to equity conversion agreement with Qualcomm Incorporated.

The decision is part of a restructuring of Pantech’s outstanding debt into equity with some of it’s creditors. Qualcomm will become a minority shareholder in both Pantech and Curitel Communications Inc and Pantech Co Ltd.

The agreement will take place over the next few months in stages, and the consummation for the transactions is of course subject to certain closing conditions. Yulmo Yang said for Pantech that “Qualcomm is committed to supporting it’s values customers as well as the overall wireless industry in Korea and Worldwide”. To find out more visit newswire.co.kr