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Zalman to be allowed to restructure

Posted on Tuesday, November 25 2014 @ 15:11:41 CET by

Earlier this month news hit the web that Zalman faced bankruptcy after being stripped of cash by its parent firm, Moneaul, a robotic vacuum cleaner company accused of large-scale loan fraud to the tune of 3.2 trillion won (almost US$3 billion).

Things may be looking up for Zalman though as the South Korean courthouse handling the case decided that Zalman was not involved in the fraud and holds no responsibility for the actions of the parent company. As a result Zalman will be severed from Moneaul and has been allowed to restructure the company under the supervision of the Korean justice system.

The situation seems less dire for Zalman now but the company may not be out of the woods yet as the company is rumored to have little cash left, which means they'll probably have to take on debt to continue operations.
The Korean courthouse decided that Zalman should be severed from Moneaul and continue to operate under their oversight and jurisdiction. As a result Zalman has been allowed to restructure the company, doing so under the supervision of the Korean justice system.

What does that mean for Zalman's customers? Zalman will not need to file for bankruptcy nor liquefy any of their assets. The company will continue to operate normally and all post-purchase support and warranties remain valid. In some ways the company hasn't even skipped a beat, recently announcing the release of a new product, the Z11 Neo case.
Random Zalman cooler

Source: AnandTech



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