STX Shipbuilding Seeks Relief in Court Receivership

Image Courtesy: STX Shipbuilding

South Korean cash-strapped shipbuilder STX Offshore & Shipbuilding Co. has filed for court receivership with the Seoul Central District Court, Yonhap news agency informs.

The Friday filing came as creditors decided to end their years-long financial aid to the yard, especially since the company lacks sufficient funds to meet its financial obligations due at the end of May.

It is now up to the court to decide whether STX Shipbuilding should be liquidated or given a chance for survival through rigorous restructuring, court officials are quoted by Yonhap as saying.

The shipbuilder was taken over by its creditors, led by the Korea Development Bank, in 2013 and has received over USD 3.3 billion in assistance to remain afloat.

The company is said to have accrued over KRW 6 trillion in debt having been unable to resist the headwinds of the offshore oil and gas industry downturn.

World Maritime News Staff

Share this article

Follow World Maritime News

In Depth>

Events>

<< Jun 2017 >>
MTWTFSS
29 30 31 1 2 3 4
5 6 7 8 9 10 11
12 13 14 15 16 17 18
19 20 21 22 23 24 25
26 27 28 29 30 1 2

Indonesia Marine & Offshore Expo (IMOX) 2017

Indonesia Marine & Offshore Expo (IMOX) 2017, Batamis an international maritime and offshore industrial event that brings an international…

read more >

CWC World LNG & Gas Series: Americas Summit

Now in its 15th year, the CWC World LNG & Gas Series: Americas Summit is the longest running LNG event in the Americas region.

Bringing together the key players in the LNG & gas value chain in both the Americas region and globally, this is the perfect place to make new contacts, do deals and get essential updates on the market.

This year we return to Houston, TX once again on 20-23 June 2017 – the heart of the energy industry, making it easier than ever to access they key players in your business.

More info

read more >

TOC Europe

TOC (The Terminal Operations Conference) has long been considered best in class by container terminal operators and their suppliers…

read more >

Marine Philippines 2017

The 4th edition of PHILIPPINES MARINE 2017, SHIPBUILD PHILIPPINES 2017 and OFFSHORE PHILIPPINES 2017 is the only specialized Shipbuilding…

read more >