South Korean holding company STX Corporation has been given a one-year rehabilitation period for its stock to resume trading, according to Yonhap News Agency.
Following the one-year period, the Korea Exchange is expected to review whether to delist the company.
The decision was made after the company’s creditors rejected to sell the company to the earlier announced preferred bidder, a consortium led by South Korea’s Samra Midas Group (SM Group).
SM Group, which was chosen as the preferred bidder in mid-March, was planning to improve STX’s financial status following the takeover. Yonhap earlier informed that SM Group aimed to inject some KRW 130 billion in the troubled company. The improvements would have allowed the trading of STX on the Seoul bourse to be resumed.
The company’s stock stopped trading in mid-February, mainly due to the drop of STX’s capital base.
World Maritime News Staff