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STX Dalian units file for bankruptcy protection: report

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Published : 2014-06-28 12:09
Updated : 2014-06-28 12:09

Six subsidiaries of STX Dalian Group, STX Corp.'s China unit, have filed for bankruptcy court protection in the country's northeastern Liaoning province as they struggle with mounting debts, China's state-run media reported Saturday.

The filing to seek "bankruptcy reorganization proceedings" by the six affiliates of STX Dalian, including STX (Dalian) Shipbuilding Co. and STX (Dalian) Engine Co., was made with the Dalian Intermediate People's Court on Thursday, the China Daily reported.

Creditors must submit claims to the six subsidiaries before Sept. 26, the report said, citing a statement issued by the Dalian court.

STX Corp., a troubled South Korean shipbuilding and shipping company, established the Chinese unit in 2007.

Hit by a global slump in the shipbuilding and shipping industries, the South Korean company has been struggling to repay debts with fundraising efforts.

A shipyard of STX Dalian, which has more than 21,000 employees, has not paid workers for months, the report said.


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