Creditors agreed on Tuesday on an emergency cash injection of $271 million for the holding company of South Korea's troubled STX shipbuilding group to avert bankruptcy, a leading creditor bank was quoted as saying.
“The state-run Korea Development Bank (KDB) said STX Corp would receive a total of KRW300 billion ($271 million) from its five main creditors,” Channel News Asia reports.
STX Shipbulding & Offshore owns in full STX Finland via its Norway based STX Europe subsidiary that also controls 64% of the shares in STX France. Both companies are major builders of passenger tonnage and the STX group has put them on sale as part of major restructuring announced earlier this year.
STX Shipbuilding & Offshore has more than KRW1trillion in debt that will mature this year, reports say.
The STX group tried to sell its STX Pan Ocean bulk shipping unit, but as no bidders emerged the cash strapped company collapsed a few weeks ago.
