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

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Amid these circumstances, how can vessel operators cope with ever-tightening safety requirements, while making the right decisions at the right time to capture rising demand? What are the smartest ways to improve service reliability and fleet quality, that maximize operating and capital spend? What are the industry’s best-practices for sustainable growth, and how can they be achieved?

Play your part! Join us at the Ferries Asia Summit 2017 to push forward the regional debate on making Asia’s ferry industry more progressive, safe, and commercially sustainable. Bringing together fast-ferry, RO-RO and ROPAX vessel owners along with international and domestic maritime regulators, classification agencies, shipbuilders and naval architects, this event connects the entire value chain for a meaningful holistic debate on ferry operations excellence in Asia.

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Comprehensive debates on addressing the complexity of ferry safety in Asia: Is vessel age truly the greatest concern? How significant are other factors, and how can they be addressed?

Pathways to change through greater public-private collaboration

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