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[THE INVESTOR] A South Korean court may push for the “package sale” of STX Offshore & Shipbuilding and its two affiliates, according to industry sources on Oct. 4.
STX filed for court receivership in May, succumbing to mounting debts attributable to mismanagement and an industry-wide slump.
The Seoul Central District Court is waiting for the stakeholders of STX to decide on a revival plan, leaving the possibility of the simultaneous sale of the shipyard and its two troubled affiliates, Goseong Offshore & Shipbuilding and STX France, according to the source.
Goseong, which specializes in building oil and container tankers, is under a separate court-led revival program. STX has also sought to sell off STX France, a cruise ship-producing subsidiary based in France.
A foreign company, known to be operating a hotel chain, has expressed an intent to buy the three STX firms at once, added the source.
The court, however, said no decision has been made yet.
(theinvestor@heraldcorp.com)
STX filed for court receivership in May, succumbing to mounting debts attributable to mismanagement and an industry-wide slump.
The Seoul Central District Court is waiting for the stakeholders of STX to decide on a revival plan, leaving the possibility of the simultaneous sale of the shipyard and its two troubled affiliates, Goseong Offshore & Shipbuilding and STX France, according to the source.
Goseong, which specializes in building oil and container tankers, is under a separate court-led revival program. STX has also sought to sell off STX France, a cruise ship-producing subsidiary based in France.
A foreign company, known to be operating a hotel chain, has expressed an intent to buy the three STX firms at once, added the source.
The court, however, said no decision has been made yet.
(theinvestor@heraldcorp.com)
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