South Korea’s No. 3 smartphone-maker Pantech, which is in court receivership, is to be put up for sale in the near future, industry sources said Wednesday.

The latest development came as the Seoul Central District Court gave the nod to Pantech’s plan to put itself up for sale, a month after it commenced the troubled firm’s court receivership program.

Pantech’s creditors, led by the Korea Development Bank, will accept bids from potential buyers soon, the sources said.

The plan came as the creditors took into account the fact that Pantech’s liquidating value stands at 189.5 billion won ($182.3 million), whereas its going-concern value is around 382.4 billion won.

Industry watchers anticipate a foreign tech firm will win the bid. Earlier this year, India-based Micromax had expressed its intention to acquire shares in Pantech. (Yonhap)