SEOUL, March 9 (Korea Bizwire) – SM Group, a medium-sized shipping group in South Korea, is set to be picked as the preferred bidder for STX Corp. this week, industry sources said Thursday. According to the sources, SM Group and three others made offers earlier this week to buy the cash-strapped STX, an affiliate of [...]
SEOUL, Aug. 31 (Korea Bizwire) – Slightly over 8 percent of South Korea’s major listed companies suffered a double whammy of operating and net losses in 2015 amid an economic slump, data showed Wednesday, sparking concern over their financial health. According to the data by the Korea 20000 Corporate Research Institute, 23 of the 273 [...]
SEOUL, Aug. 1 (Korea Bizwire) – A Seoul court on Monday began a rehabilitation process for STX Heavy Industries Co., South Korea’s key manufacturer of vessel engines and plants, after the financially strapped company applied for protection late last month. The Seoul Central District Court will proceed with a debt-restructuring receivership program to prevent the [...]
SEOUL, Dec. 8 (Korea Bizwire) – STX Offshore & Shipbuilding Co., a midsize local shipyard, is likely to receive financial aid of 450 billion won (US$385 million) from its creditors soon, industry sources said Tuesday. According to the sources, the creditors, led by the state-run Korea Development Bank (KDB), will decide this week on whether [...]