SEOUL, South Korea-South Korean mobile-phone maker Sewon Telecom filed for court receivership, according to local reports, citing declining revenues and mounting debts.
According to reports, the firm had made major inroads in the massive Chinese mobile-phone market, but has recently suffered from fierce competition from local phone manufacturers.
Indeed, the Chinese market has been the scene of several major partnerships and other business moves as the world’s mobile-phone makers look to take advantage of the market’s potential.
