State-Run Creditor Accepts STX Offshore’s Self-Rescue Plan

SEOUL, April 11 (Korea Bizwire) – The state-run Korea Development Bank (KDB), the main creditor of STX Offshore & Shipbuilding Co., said Wednesday it has accepted the troubled shipyard’s self-rescue plan, withdrawing its plan to put the mid-sized shipbuilder under court receivership. The decision came a day after the management and labor union of STX Offshore reached a last-minute deal on restructuring measures. STX Offshore, once the world’s [...]