SM Group Chosen as Preferred Bidder to Take Over STX Corp

Image Courtesy: STX Offshore & Shipbuilding Co

A consortium spearheaded by South Korea’s Samra Midas Group (SM Group) has been selected as the preferred bidder for compatriot STX Corporation which was put on sale by its creditors. 

As disclosed in a listing to Korea Exchange, the company is to revert in three months on whether the two parties agreed on the details of the sale as creditors, including Korea Development Bank and Nonghyup Bank, intend to negotiate with SM Group about the sale of STX Corporation.

A total of four companies submitted their offers last week to buy STX Corporation, an affiliate company of financially-troubled shipbuilder STX Offshore & Shipbuilding Co that filed for court receivership with the Seoul Central District Court in May, 2016.

STX Corporation must find a way to recapitalize in order to avoid being delisted from the stock market.

According to reports cited by Yonhap news agency, SM Group plans to inject some KRW 130 billion (USD 113 million) in STX Corporation.

The shipping firm has been very busy over the recent period, investing in expansion and capacity bolstering.

Namely, in 2016, SM Group acquired bankrupt Hanjin Shipping’s Asia-US route. After taking over the route, SM Group established SM Line, a new unit which started its first service on March 8.

The Group has also purchased five 6,655 TEU boxships for USD 60 million previously owned by bankrupt Hanjin Shipping.

World Maritime News Staff

Share this article

Follow World Maritime News

In Depth>

Events>

<< Jul 2017 >>
MTWTFSS
26 27 28 29 30 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
31 1 2 3 4 5 6

Global Liner Shipping Asia Conference

Fight. Survive. Thrive. Respond to challenges of consolidation & disruption at the largest gathering of container shipping industry in Asia…

read more >

Bunkering Week 2017

IBC’s biennial Bunkering Week is back with its successful series of 3 co-located events: 8th Bunkering in Asia, 4th LNG Bunkering and EMTECH: Ship Emissions Technology Conference. With a proven track record of bringing together top decision makers from various industry sectors, this remains the go to event for ship owners, fuel suppliers, traders and […]

read more >

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 >

Salvage & Wreck Asia

Could your business be affected by shipwreck? Are you a salvage professional or a wreck removal expert? …

read more >