Pantech Co., a South Korean mobile-phone maker, has sought the protection of a U.S. court as part of its larger restructuring efforts abroad, the Wall Street Journal reported on Saturday. The company filed for chapter 15 protection at the U.S. Bankruptcy Court in Atlanta on Thursday. In August, the company filed for the equivalent of chapter 11 in South Korea after months of trying to restructure its debt. Pantech listed 14 continuing lawsuits in the U.S., all related to patent disputes. Pantech relies on sales in South Korea for the majority of its 1.3 trillion won ($1.2 billion) in annual revenue, but it faces heavy competition and a saturated market. The company was also hit with government restrictions on excessive handset subsidies earlier this year, which resulted in penalties for South Korea’s three mobile carriers, including a 45-day ban on smartphone sales.
