Goodtel Co., a mid-sized communications equipment maker in Korea, headed to the bankruptcy court after struggling under financial strain from poor business.
According to the investment bank industry on Friday, the company entered reorganization scheme under the Seoul Bankruptcy Court.
Creditors, bondholders, and shareholders have been asked to report their securities status to the court from 25 August to 7 September to seek claims.
The court will judge on Nov. 10 on whether to grant its self-rescue plan.
Goodtel, founded in 2003, manufactures antennas for wireless services. It holds the most LTE-related antennas patents in Korea and supplies wireless carrier LG Uplus Corp.
Doosan Group’s investment company subsidiary Neoplux and a unit of Bokwang Group invested in the company last year and each own 9.42 percent stake in it.
Goodtel last year reported an operating loss of 2.4 billion won ($2 million) on sales of 24.5 billion won.
By Yoo Tae-yang
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