Samsung pumps $50 million into AST
Cash to pay off short term debts
Samsung has injected a further $50 million into AST US in an effort to improve its financial position. According to a statement issued by Samsung's corporate offices in Seoul, Korea, the money will offset short term debts AST US needs to repay. Last year, Samsung bought the remaining 54 per cent of AST it did not own for $170 million but that was swiftly followed by massive layoffs at the PC firm, which used to be a contender against big companies like Compaq. Over three quarters of its work force have been laid off since the acquisition was completed, and AST Europe now consists only of a few personnel involved in winding up the rest of its operations. Earlier this week, a group of AST Europe ex-employees were in an industrial tribunal court for the third time. They are claiming they were unfairly dismissed earlier this year.
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