Pantech Puts Itself Up for Sale, Seeking A Cool $366 Million

Pantech, based in Korea, has staked a For Sale sign in its front lawn. The company, which declared the equivalent of bankruptcy last month, is seeking a buyer to scoop up the entire business. Pantech has been facing trouble all year long. It twice sought delays in debt payments and entered into court receivership in August. The company believes it will fetch a higher price if sold as a single entity (approx. $366 million) rather than broken up and sold in pieces (approx. $181 million). 

Bids for the company are due in early October. Pantech found itself unable to compete with Samsung and LG, which are also based in Korea. It faced financial losses six quarters in a row, which led to its debt problems and eventual bankruptcy.

Source: CNET

LG launches LG Cloud

Four days before the purported launch of Samsung's cloud service, Korea's other technology giant has unveiled LG Cloud. The eponymous service offers 5GB free space as standard, while owners of LG's Smart TVs or smartphones will get 50GB free for six months. It'll push content between your devices, appropriately compressed for the medium, so high definition images on your TV will be slimmed down to save your phone's data cap. The free beta begins in South Korea and the US from May 1st, with a global rollout pencilled in for next year.