Pantech, which has been in court receivership since August last year, has signed a memorandum of understanding with the Seoul Central District Court's approval for a possible merger and acquisition with a consortium led by South Korean optical disc drive (ODD) manufacturer Optis on June 16.

Failing to find viable buyers, the debt-ridden South Korean smartphone-maker Pantech has decided to end court receivership.

The new owner of Pantech is set to be announced soon, industry sources said Monday, with a US asset management firm highly likely to win the bid through a private contract.

Samsung Electronics will buy new shares in unlisted South Korean smartphone maker Pantech, making Samsung the third-largest Pantech shareholder with a 10% stake.

In January, AT&T announced plans to introduce 12 Android devices in 2011 and today AT&T confirmed that goal has been met and will be exceeded during the fourth quarter.